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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
ship building
B
farming
C
railraods
D
textiles
2) How could the government have prevented the Panic of 1893?
A
Make corporations illegal
B
Implement laissez faire policies
C
Regulate bank lending habits
D
Regulate railroad investing
3) What caused railroad prices to plummet and resulted in the Panic of 1893?
A
Supply increase
B
Demand increase
C
Supply decrease
D
Demand decrease
4) Which of the following is not a benefit of business competition?
A
Higher prices
B
Better quality
C
Better prices
D
Innovation
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
Competition
B
Entrepreneurship
C
Collusion
D
Innovation
7) What is the answer in social studies (or does a government policy work)?
A
Yes
B
Sometimes
C
No
8) One business controls all of one product.
A
Monopoly
B
Capitalism
C
Collusion
D
Competition
9) Which of the following is not true of monopolies?
A
Higher prices
B
Lower quality
C
Competition
D
Bad for consumers
10) How are monopolies prevented in america?
A
only through healthy and fair business competition
B
virtuous CEOs
C
antitrust laws
D
consumer boycotts
*select an answer for all questions
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