Industrial Revolution / change in gov't Quiz

What was a significant change in production during the Industrial Revolution?

• Hand-based production

• Machine-based production

• Decreased production

• Service-based production

What was a direct impact of the Industrial Revolution on factory workers?

• Decreased access to goods

• Increased wealth

• Increased access to goods

• Better living conditions

Which economic system is characterized by private ownership and competition?

• Feudalism

• Socialism

• Capitalism

• Communism

According to Karl Marx, what is the main belief of communism?

• The government should own all property

• Factory owners fairly compensate workers

• Wealth should be distributed equally among all

• Private ownership of businesses should exist

What is one characteristic of socialism?

• Private ownership of property

• Public ownership of property

• Encouragement of competition

• Wealth accumulation by capitalists

What was the primary goal of the Bolsheviks under Vladimir Lenin's leadership during the Russian Revolution?

• To maintain the monarchy

• To overthrow the government and establish a socialist state

• To improve economic relations with Western countries

• To disband the Soviet Socialist Republics

Which country invaded China in 1931, leading to significant historical changes?

• The United States

• Germany

• Japan

• Russia

What was created in China in 1949 following the civil war?

• The Republic of China

• The People's Republic of China

• The Democratic Republic of China

• The Federal Republic of China

According to Adam Smith, what is the result when individuals act toward their self-interest?

• It leads to economic instability

• It decreases overall societal wealth

• It promotes society's interests more effectively

• It results in governmental control

What is the primary principle of laissez-faire capitalism as described in the text?

• The government should manage business practices heavily.

• Businesses and individuals should act according to their own interests without government interference.

• All businesses should be owned by the government.

• Consumers have no say in what products should be produced.