ITB: Chapter 3-1 Government and Business

During early colonial life, what was the role of government in business?

• Dominant

• Extensive

• Limited

• Nonexistent

What did the U.S. Constitution establish regarding the government's role in business?

• Unified market

• Government ownership of businesses

• No involvement in business

• Complete deregulation

What did the federal government regulate in terms of business activities with foreign nations?

• Import bans

• Free trade agreements

• Subsidies

• Tariffs

What did the federal government do to protect business property?

• Issue patents, copyrights, and trademarks

• Nationalize businesses

• Allow unrestricted competition

• Abolish private property rights

Which founding father believed in diversified shipping, manufacturing, and banking as the key to the country's growth?

• Thomas Jefferson

• Alexander Hamilton

• Benjamin Franklin

• George Washington

What led to the growth of the government's role in business as the nation became more industrialized?

• Decrease in government intervention

• Decrease in industrialization

• Complexity of business and need for regulation

• Shift towards socialism

What did the government regulate in response to the growth of factories and the need for oversight?

• Consumer prices

• Safety and workers' rights

• Environmental conservation

• Company profits

What economic system was the country's economy built on?

• Capitalism

• Socialism

• Communism

• Fascism