Topic 5.7 Vid

What was the main economic system that replaced mercantilism during the Industrial Revolution?

• Feudalism

• Socialism

• Barter System

• Free Market Economics

Who was a major critic of mercantilism and advocated for laissez-faire policies?

• Milton Friedman

• John Maynard Keynes

• Adam Smith

• Karl Marx

Which economist argued that government legislation was necessary to address social problems caused by free market economics?

• Adam Smith

• Jeremy Bentham

• David Ricardo

• Thomas Malthus

What was the Zollverein?

• A French industrial strategy

• An American economic plan

• A British trade policy

• A German customs union

Which corporation was established to manage British imperial ventures in Asia?

• East India Company

• Hong Kong and Shanghai Banking Corporation

• Standard Oil

• General Electric

What was a key financial practice that supported the growth of transnational corporations?

• Bartering

• Stock Markets

• Gold Standard

• Cryptocurrency

What is a limited liability corporation?

• A non-profit organization

• A business model that protects owners' investments

• A company with unlimited financial risk

• A government-owned enterprise

How did industrial capitalism affect the standard of living in the 19th century?

• It increased the standard of living

• It only benefited the elite

• It had no effect on living standards

• It decreased the standard of living

What was one major social change resulting from industrialization?

• Reduction in agricultural output

• Growth of the middle class

• Decline of urban areas

• Decrease in consumer goods

What agricultural advancement contributed to longer lifespans during industrialization?

• Subsistence farming

• Organic farming

• Mechanized farming

• Slash-and-burn agriculture