Quiz

• What did the Industrial Revolution involve?

  New machines.

  Mass production.

  New ways of organizing labor.
• How did the master view his journeymen and apprentices under the old shop system?

  As members of his family.
• According to Adam Smith, what facilitates economic production?The division of labor.

  The human tendency to trade.

  Human self-interest.
• Which is (are) part of homo economicus?

  He seeks to maximize his wealth.

  He is rational.

  His desires remain consistent over time.
• What did the Bessemer converter do?

  It converted iron to steel inexpensively.
• How long was the typical workday in the new industrial order?

  10 hours.
• How many workers died on the job per year around the year 1900?

  "35,000"
• What is laissez faire capitalism?

  The economic system in which free enterprise is allowed to operate with minimal government interference.
• What view of economic distribution emphasizes that work is a calling from God?

  The Protestant Work Ethic.
• What did Rerurm Novarum say about private property?

  We have a right to private property.