Big Business And Industry Assessment

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| By Mr_howard

Mr_howard

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Quizzes Created: 2 | Total Attempts: 1,638

Questions: 8 | Attempts: 427 | Updated: Mar 21, 2023

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Big Business And Industry Assessment - Quiz

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?

Questions and Answers

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
Correct Answer
A. The government should leave business alone

Explanation
Laissez-faire economic policy advocates for minimal government intervention in the economy, allowing businesses to operate freely without heavy regulation. This approach believes that market forces should determine the success or failure of businesses, rather than government interference. By leaving businesses alone, the government promotes competition, innovation, and economic growth.

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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
Correct Answer
B. A big business that dominates an industry and has no real competition

Explanation
The correct answer is "A big business that dominates an industry and has no real competition." A monopoly refers to a situation where a single company or entity controls a specific industry or market, resulting in limited or no competition. This dominance allows the monopolistic business to set prices, control supply, and potentially exploit consumers.

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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
Correct Answer
C. Improving production methods

Explanation
Monopolies can have a positive effect on improving production methods. When a company has a monopoly, it has the power and resources to invest in research and development, leading to innovation and advancements in production techniques. This can result in increased efficiency, higher quality products, and lower costs. By having control over the market, monopolies can focus on long-term growth and invest in improving their production methods to stay ahead of competitors.

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4.

The Bessemer Convertercreated which material?
- A.
  
  Pig Iron
- B.
  
  Wrought Iron
- C.
  
  Electricity
- D.
  
  Steel
Correct Answer
D. Steel

Explanation
The Bessemer Converter was a machine used in the 19th century to convert pig iron into steel. It revolutionized the steel-making process by allowing for large-scale production of high-quality steel at a lower cost. The converter used a blast of air to remove impurities from the pig iron, resulting in the production of steel. Therefore, the correct answer is Steel.

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5.

Philanthropy, giving money to support worthy causes, was a characteristic of which type of wealthy industrialist?
- A.
  
  Robber Barons
- B.
  
  Captains of Industry
Correct Answer
B. Captains of Industry

Explanation
Captains of Industry were known for their philanthropy, as they believed in using their wealth to support worthy causes. Unlike Robber Barons, who were primarily focused on accumulating wealth and power, Captains of Industry recognized the importance of giving back to society and improving the lives of others. Through their philanthropic efforts, they aimed to address social issues, promote education, and contribute to the overall betterment of society.

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6.

Andrew Carnegie was a leader of which industry?
- A.
  
  Railroads
- B.
  
  Oil
- C.
  
  Steel
- D.
  
  Electricity
Correct Answer
C. Steel

Explanation
Andrew Carnegie was a leader in the steel industry. He was a Scottish-American industrialist who played a significant role in the expansion of the American steel industry in the late 19th century. Carnegie founded the Carnegie Steel Company, which became one of the largest and most successful steel companies in the world. His innovative practices, such as vertical integration and the use of the Bessemer process, revolutionized the steel industry and made him one of the richest individuals in history.

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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
Correct Answer
A. A trust

Explanation
A trust best represents the given definition as it refers to a group of companies managed by a group of trustees with the aim of limiting competition. Trusts were commonly used in the late 19th and early 20th centuries to consolidate power and eliminate competition in various industries. This allowed the companies within the trust to control prices and dominate the market.

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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
Correct Answer
C. To outlaw trusts, monopolies and any form of business that restricts competition

Explanation
The purpose of the Sherman Anti-Trust Act is to outlaw trusts, monopolies and any form of business that restricts competition. This legislation was enacted to promote fair competition in the marketplace and prevent the concentration of economic power in the hands of a few dominant corporations. By prohibiting anti-competitive practices, the Sherman Anti-Trust Act aims to ensure a level playing field for businesses and protect consumer welfare.

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Big Business And Industry Assessment

Which of the following best describes laissez-faire economic policy?

Which of the following most closely defines the word monopoly?

Which of the following is a positive effect of monopolies?

The Bessemer Convertercreated which material?

Philanthropy, giving money to support worthy causes, was a characteristic of which type of wealthy industrialist?

Andrew Carnegie was a leader of which industry?

Which term best represents this definition? A group of companies managed by a group of trustees to limit competition

Which of the following best represents the purpose of the Sherman Anti-Trust Act?