Reading Quiz 5.7 - 5.8

Which of the following best describes a corporation?

• A business that is controlled by stockholders

• A business that is owned and controlled by one person

• A business that has no stockholders

• A business that only has one location

DeBeers Diamonds was a transnational company that attempted to build a railroad from South Africa to Egypt. What is a transnational company?

• A company that creates transportation systems

• A company that operates in multiple countries

• A company that operates in only one country

• A company that operates in multiple continents

What is a sole proprietorship?

• A business that is owned by a single person

• A business that is owned by a small group of people

• A business that has had multiple owners

• A business that is owned by stockholders

Which business structure has a lower risk for investors?

• Corporation

• Partnership

• Sole Proprietorship

Which social class gained a disposable income (extra money to spend) for the first time as a result of the Industrial Revolution?

• Lower class

• Middle class

• Upper class

Which of the following were NOT common in the factory work setting in the 19th century?

• Low wages

• Long hours

• Unsanitary working conditions

• Equality between men and women

Utilitarianism means to seek “the greatest good for the greatest number of people.” Who was the owner of this economic philosophy?

• John Stuart Mill

• Adam Smith

• Karl Marx

• Mahmud II

Who published the Communist Manifesto?

• John Stuart Mill

• Adam Smith

• Karl Marx

• Mahmud II

Emperor Guangxu’s Hundred Days of Reform included all of the following EXCEPT…

• Abolition of the civil service exam

• Introduction of democracy

• Elimination of corruption

• Establishment of Western-style industrial, commercial, and medical systems

TRUE or FALSE: After the Japanese reforms, there were no signs of democracy in Japan.

• TRUE

• FALSE