Economics Quiz

Question 0

Intrastate commerce

Answer 0

Trade within a state

Question 1

Interstate commerce

Answer 1

Trade between states

Question 2

Horizontal integration

Answer 2

Two very similar businesses combining

Question 3

Vertical integration

Answer 3

Two different yet similar businesses combine

Question 4

Corporation

Answer 4

Issue shares of stock

Question 5

Partnership

Answer 5

Two or more people in a business who share profit

Question 6

Sole proprietorship

Answer 6

One person in a business alone

Question 7

Philanthropy

Answer 7

Giving away money to better society

Question 8

Volume discount

Answer 8

Larger use of product, cheaper price

Question 9

West coast to east coast (time zone)

Answer 9

West coast is three hours behind the East coast

Question 10

Entrepreneur

Answer 10

Business creator/organizer

Question 11

Economies of scale

Answer 11

Large factories produce cheaper and faster

Question 12

Larissa faire

Answer 12

Hands off government

Question 13

Social Darwinism

Answer 13

Survival of the fittest for human society

Question 14

John D. Rockefeller

Answer 14

Owned a refined oil company

Question 15

Andrew Carnegie

Answer 15

Owned a steal company

Question 16

What enabled the U.S. to evolve into an industrialized nation

Answer 16

Abundance of natural resources
Lots of workers
Hands of government/government support

Question 17

What was the Rockefeller railroad deal

Answer 17

Some railroads get his business while Rockefeller gets half priced freight delivery and the knowledge of knowing where his competitors ship products