Differing Ideologies Pop Quiz

This term is used to refer to a type of business organization created in the 19th century that was meant to eventually produce a monopoly.

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• Cartel
• Monopoly
• Oligopoly
• Trust

Sometimes the producer of a product owns the businesses that supply them with raw goods to make that product AND own the stores that sell that product. This situation may best be called

• Diagonal integration
• Lateral integration
• Vertical integration
• Horizontal integration

How did American industrial leaders accumulate wealth during the late 1800s?

• Monopolies, vertical integration, horizontal integration, and exploiting workers
• Implementing fair labor practices
• Investing in foreign markets
• Inventing new technologies and products

What was the "Gospel of Wealth" supported by Andrew Carnegie?

• A belief that wealthy individuals should hoard their wealth for personal gain.
• A theory that wealthy individuals should only use their wealth for their own enjoyment.
• A concept that wealthy individuals should distribute their wealth equally among all members of society.
• A philosophy that wealthy individuals have a responsibility to use their wealth for the greater good of society.

Prices are set by what in a capitalist economy?

• Market competition
• Consumer preferences
• Government regulations
• Supply and demand

In a market economy, prices are established by what?

• Government regulations
• Consumer preferences
• Random chance
• Supply and demand

The United States government is LEAST LIKELY involved in the nation's economy as a

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• regulator and policymaker
• military force
• law enforcement agency
• tax collector

What is an advantage of market economy?

• Encourages government control
• Reduces consumer choices
• Leads to income equality
• Promotes competition and innovation

How might twentieth century communism and socialism be similar?

• They both advocate for collective ownership of the means of production and reject capitalism.
• They both reject collective ownership of the means of production and support capitalism.
• They both support individual ownership of the means of production and capitalism.
• They both advocate for a monarchy system of government and reject democracy.

How were 20th century communism and fascism similar?

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• They both sought centralized control over society and the economy.
• They both emphasized the importance of cultural diversity and multiculturalism.
• They both promoted democratic principles and free market capitalism.
• They both advocated for individual freedom and limited government intervention.