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U6-2-2: Big Business #1
Test Description: Socialstudiesgames.net
Instructions: Answer all questions to get your test result.
1) The Panic of 1893 was caused by a failure in what industry?
A
farming
B
ship building
C
railraods
D
textiles
2) How could the government have prevented the Panic of 1893?
A
Regulate railroad investing
B
Implement laissez faire policies
C
Make corporations illegal
D
Regulate bank lending habits
3) What caused railroad prices to plummet and resulted in the Panic of 1893?
A
Supply increase
B
Supply decrease
C
Demand decrease
D
Demand increase
4) Which of the following is not a benefit of business competition?
A
Innovation
B
Better prices
C
Higher prices
D
Better quality
5) A secret alliance between business, often resulting in higher prices for consumers.
A
Collusion
B
Communism
C
Competition
D
Capitalism
6) Which of the following is a problem with laissez faire economics?
A
Entrepreneurship
B
Innovation
C
Collusion
D
Competition
7) What is the answer in social studies (or does a government policy work)?
A
No
B
Yes
C
Sometimes
8) One business controls all of one product.
A
Capitalism
B
Collusion
C
Competition
D
Monopoly
9) Which of the following is not true of monopolies?
A
Bad for consumers
B
Competition
C
Higher prices
D
Lower quality
10) How are monopolies prevented in america?
A
only through healthy and fair business competition
B
antitrust laws
C
consumer boycotts
D
virtuous CEOs
*select an answer for all questions
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