U6-2-1: Business #1 Question Preview (ID: 50325)

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Adam Smith argued for a “hands off” approach by the government in regards to the economy.
a) Laissez Faire
b) Como te llamas
c) Merci beaucoup
d) Habeas Corpus

The Wealth of Nations, an influential economics book, was written by -
a) George Washington
b) John Deere
c) Edmund Burke
d) Adam Smith

Why did the government give free land to private businesses, so that the private businesses could profit from building railroads?
a) All of the government was corrupt and worked out deals with the railroad owners
b) The government owed private businesses, so they gave them land instead of money
c) The nation was in a depression, and this stimulated public works projects
d) The country needed railroads to allow the flow of people and goods, and this was the only way to encourage private businesses

Which of the following is an example of the government getting involved in the economy?
a) Making murder illegal
b) Building roads
c) Allowing private companies to build railroads
d) Allowing the railroads to determine their own prices for shipping goods

Persuading the government to pass laws to help your group?
a) Investing
b) competition
c) lobbying
d) legislating

Why did the farmers form the Grange and lobby the government to pass laws that protected farmers?
a) Farmers were communists
b) Farmers wanted the government to stay out of the economy
c) Farmers believed that railroad owners were charging unfair prices
d) Farmers wanted the government to make the railroad illegal

Railroads were privately owned and not publicly owned (government owned).
a) True
b) False

What was the most advanced common means of transportation at the turn of the century?
a) airplane
b) car
c) railroad
d) horse

What is the easy way to imagine an economy?
a) store
b) school
c) church
d) jail

In a laissez faire economy, the government determines the prices of goods.
a) True
b) False

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