Big Business And Industry Assessment
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There are very few people who would like their business to stay small. Most entrepreneurs wish for their companies to grow and maybe go international in the long run. Managing a big business does not come easy, and this week, we got to cover much about the big business industry and how firms survive it. Why don’t you take up the test below and see what you recall?
- 1.Which of the following best describes laissez-faire economic policy?
- A.
The government should leave business alone
- B.
The government should heavily regulate businesses
- C.
The government should protect small businesses from failing
- D.
The government should prevent big businesses from expanding
- 2.Which of the following most closely defines the word monopoly?
- A.
A big business that uses its power to change government
- B.
A big business that dominates an industry and has no real competition
- C.
A big business that generates excessive profits
- D.
A big business that files for bankruptcy
- 3.Which of the following is a positive effect of monopolies?
- A.
Bribing officials to maintain dominance
- B.
Keeping wages low
- C.
Improving production methods
- D.
Reducing competition
- 4.The Bessemer Convertercreated which material?
- A.
Pig Iron
- B.
Wrought Iron
- C.
Electricity
- D.
Steel
- 5.Philanthropy, giving money to support worthy causes, was a characteristic of which type of wealthy industrialist?
- A.
Robber Barons
- B.
Captains of Industry
- 6.Andrew Carnegie was a leader of which industry?
- A.
Railroads
- B.
Oil
- C.
Steel
- D.
Electricity
- 7.Which term best represents this definition? A group of companies managed by a group of trustees to limit competition
- A.
A trust
- B.
A monopoly
- C.
A corporation
- D.
An industry
- 8.Which of the following best represents the purpose of the Sherman Anti-Trust Act?
- A.
To keep government from interfering with business
- B.
To help small business create more jobs
- C.
To outlaw trusts, monopolies and any form of business that restricts competition
- D.
To bring an end to the Gilded Age
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