#1
Which event marked the beginning of the Industrial Revolution?
Invention of the steam engine
ExplanationSteam engine innovation catalyzed industrialization.
#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
ExplanationThe Gilded Age denotes rapid growth and industrialization in the U.S.
#3
Which economic event is often considered the beginning of the Great Depression in the United States?
Stock market crash of 1929
ExplanationThe 1929 stock market crash marked the onset of the Great Depression.
#4
Who is considered the father of modern economics?
Adam Smith
ExplanationAdam Smith laid the foundations of modern economics.
#5
Which economic system is characterized by private ownership of the means of production and market-driven allocation of resources?
Capitalism
ExplanationCapitalism thrives on private ownership and market dynamics.
#6
What was the main consequence of the enclosure movement in agricultural history?
Consolidation of small farms into larger, privately owned estates
ExplanationEnclosures led to aggregation of farms under private ownership.
#7
Who developed the theory of comparative advantage?
David Ricardo
ExplanationDavid Ricardo formulated the theory of comparative advantage.
#8
What is the main premise of the 'invisible hand' concept in economics?
Market forces guide individuals to unintentionally promote the public good
ExplanationThe invisible hand theory suggests self-interest aligns with societal benefit.
#9
Who is known for the concept of 'creative destruction' in economic theory?
Joseph Schumpeter
ExplanationJoseph Schumpeter introduced the concept of creative destruction.