Economic Transformations and Intellectual Paradigms in Industrial History Quiz
Test your knowledge on industrial economics with questions about the Industrial Revolution, economic theories, and historical events.
#1
Which event marked the beginning of the Industrial Revolution?
Invention of the steam engine
Discovery of electricity
Invention of the printing press
Construction of the Great Wall of China
#2
What is the term for the period of rapid economic and industrial growth in the United States during the late 19th century?
Gilded Age
Great Depression
Roaring Twenties
Progressive Era
#3
Which economic event is often considered the beginning of the Great Depression in the United States?
Stock market crash of 1929
Passage of the Smoot-Hawley Tariff Act
Collapse of the gold standard
Bank runs and failures
#4
Who is considered the father of modern economics?
Adam Smith
Karl Marx
John Maynard Keynes
Milton Friedman
#5
Which economic system is characterized by private ownership of the means of production and market-driven allocation of resources?
Socialism
Communism
Capitalism
Feudalism
#6
What was the main consequence of the enclosure movement in agricultural history?
Decrease in agricultural productivity
Increase in communal farming practices
Consolidation of small farms into larger, privately owned estates
Expansion of government-controlled farmlands
#7
Who developed the theory of comparative advantage?
David Ricardo
John Maynard Keynes
Adam Smith
Karl Marx
#8
What is the main premise of the 'invisible hand' concept in economics?
Government intervention is necessary for economic growth
Market forces guide individuals to unintentionally promote the public good
Socialism is the most efficient economic system
Individuals should prioritize their own interests over collective interests
#9
Who is known for the concept of 'creative destruction' in economic theory?
Adam Smith
Karl Marx
Joseph Schumpeter
John Maynard Keynes
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