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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
textiles
C
ship building
D
railraods
2) How could the government have prevented the Panic of 1893?
A
Implement laissez faire policies
B
Regulate bank lending habits
C
Make corporations illegal
D
Regulate railroad investing
3) What caused railroad prices to plummet and resulted in the Panic of 1893?
A
Supply decrease
B
Demand decrease
C
Demand increase
D
Supply increase
4) Which of the following is not a benefit of business competition?
A
Innovation
B
Better quality
C
Better prices
D
Higher prices
5) A secret alliance between business, often resulting in higher prices for consumers.
A
Communism
B
Collusion
C
Competition
D
Capitalism
6) Which of the following is a problem with laissez faire economics?
A
Collusion
B
Innovation
C
Entrepreneurship
D
Competition
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
Competition
C
Capitalism
D
Collusion
9) Which of the following is not true of monopolies?
A
Competition
B
Higher prices
C
Bad for consumers
D
Lower quality
10) How are monopolies prevented in america?
A
consumer boycotts
B
only through healthy and fair business competition
C
antitrust laws
D
virtuous CEOs
*select an answer for all questions
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