#1
Which of the following is considered a key driver of the Industrial Revolution?
Steam engine
ExplanationSteam engine revolutionized manufacturing and transportation.
#2
What is the term for the transition from agrarian societies to industrial ones?
Agricultural Revolution
ExplanationAgricultural Revolution shifted societies from farming to industrial production.
#3
Which industry is often referred to as the 'heart' of the Second Industrial Revolution?
Chemical
ExplanationChemical industry was central to innovations in materials and manufacturing.
#4
During the Industrial Revolution, what innovation significantly improved textile production and became a symbol of industrialization?
Power loom
ExplanationPower loom revolutionized textile manufacturing during the Industrial Revolution.
#5
What is the term for the shift from manual labor to mechanized production that characterized the Industrial Revolution?
Mechanization
ExplanationMechanization replaced manual labor with machinery in production.
#6
What is the significance of the assembly line in industrial production?
Increased efficiency and reduced production time
ExplanationAssembly line streamlined production, enhancing efficiency.
#7
Which economic system is associated with the growth of industrialization?
Capitalism
ExplanationCapitalism fueled industrial growth through competition and profit motive.
#8
Which inventor is credited with the development of the spinning jenny during the Industrial Revolution?
Richard Arkwright
ExplanationRichard Arkwright invented the spinning jenny, revolutionizing textile production.
#9
What role did the Transcontinental Railroad play in industrialization in the United States?
Reduced transportation costs and facilitated trade
ExplanationTranscontinental Railroad lowered costs and boosted trade by connecting regions.
#10
What is the name of the economic system where private individuals or corporations own and operate industries for profit?
Capitalism
ExplanationCapitalism involves private ownership of industries for profit.
#11
Which technological advancement played a crucial role in the expansion of global trade during the late 19th century?
Steamship
ExplanationSteamship revolutionized transportation, facilitating global trade.
#12
What is the concept of 'Laissez-faire' in business and economics?
Free-market capitalism with minimal government interference
ExplanationLaissez-faire promotes free markets with limited government involvement.
#13
Which industry saw the widespread implementation of Taylorism, focusing on efficiency and scientific management?
Steel
ExplanationSteel industry adopted Taylorism for enhanced productivity and management.
#14
Which business practice involves a company acquiring its suppliers and distributors to control the entire supply chain?
Vertical integration
ExplanationVertical integration enables companies to control production from raw materials to distribution.
#15
In the context of business ethics, what does CSR stand for?
Corporate Social Responsibility
ExplanationCSR refers to businesses' commitment to social and environmental concerns.
#16
Who is known as the father of scientific management and authored the book 'The Principles of Scientific Management'?
Frederick Taylor
ExplanationFrederick Taylor pioneered scientific management principles.
#17
What is the term for the economic and social system in which individuals own the means of production?
Capitalism
ExplanationCapitalism involves private ownership of production means.