Unit 3.1 Learning Check #2

What is laissez-faire economics?

• An economic system in which the government heavily regulates industries and controls prices

• An economic philosophy that supports minimal government intervention in the economy

• A system where the government owns all businesses and distributes resources equally

• An approach that focuses on high taxes and extensive welfare programs

What is utilitarianism?

• A belief system that emphasizes following traditions and customs

• An ethical theory that focuses on individual rights regardless of outcomes

• A philosophy that argues moral decisions should be based on religious authority

• A moral philosophy that judges actions based on whether they produce the greatest good for the greatest number

What is the main purpose of labor unions?

• To represent workers and protect their rights by negotiating wages, hours, and working conditions

• To increase government control over private businesses

• To eliminate competition between companies

• To ensure all workers receive the same job regardless of skill

What was the main reason workers went on strike during the Industrial Revolution?

• To demand the end of all factory work

• To protest poor wages, long hours, and unsafe working conditions

• To support new factory owners

• To prevent the use of new technology

Karl Marx is most closely associated with which of the following ideologies? 

• communism

• capitalism

• oligarchy

• laissez-faire

What is communism?

• An economic and political system in which private businesses control the market with little government involvement

• A system where the government regulates trade but allows private ownership

• An economic approach focused on individual competition and profit

• A theory that promotes a classless society in which the means of production are owned collectively

What does urbanization during the Industrial Revolution refer to?

• The growth of cities as people moved from rural areas to find factory work

• The movement of people from cities to rural farming areas

• The decline of factory jobs in urban centers

• The expansion of agriculture in countryside regions

Why was cholera a major problem during the Industrial Revolution?

• It spread easily due to overcrowded cities and poor sanitation

• It was caused by factory machines releasing toxic smoke

• It only affected wealthy factory owners

• It was a disease limited to rural farming communities

How did capitalism influence the Industrial Revolution?

• It required the government to control all industries and set wages

• It eliminated competition between businesses

• It encouraged private ownership and investment in factories to make a profit

• It focused on equal distribution of wealth among all citizens

What did Adam Smith mean by the "law of self-interest"?

• People should only help others if the government tells them to

• Individuals pursuing their own economic interests can unintentionally benefit society

• Workers must always put their company’s needs above their own

• Governments should control all trade to prevent selfish behavior