Industrial Revolution & Economic Liberalism Quiz
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Questions and Answers

What was the primary reason for the failure of banks in 1880?

  • The Industrial Revolution's shift towards mechanized production
  • The collapse of the British Empire's colonial trade
  • Agriculture depression leading to a decline in farm produce prices
  • Excessive lending to borrowers without adequate credit assessment (correct)

    • What was the consequence of the agricultural depression in 1880?

  • High debt levels among farmers due to overproduction and low crop prices (correct)
  • The emergence of Britain as a dominant trading nation
  • A surge in industrial output and manufacturing
  • A decline in international trade and the value of the Pound Sterling

    • What was the primary driver of Britain's emergence as a dominant trading nation?

  • The development of mechanized farming practices
  • The expansion of the British Empire's colonial territories
  • The Industrial Revolution's mechanization of production processes (correct)
  • The collapse of the agriculture industry in 1880

    • What was the role of the British Empire in Britain's dominance of global trade?

    <p>It provided abundant natural resources and raw materials</p> Signup and view all the answers

    What was the impact of the Industrial Revolution on Britain's economy?

    <p>It transformed the nation's economy by mechanizing production processes</p> Signup and view all the answers

    What was the consequence of the shift in global trade dynamics leading up to 1914?

    <p>The emergence of Britain as a dominant trading nation</p> Signup and view all the answers

    What was the primary purpose of the bimetallic standard in the 19th century?

    <p>To provide greater economic stability by using two valuable metals as currency</p> Signup and view all the answers

    What was the consequence of the decline in the value of silver in the 19th century?

    <p>A decrease in the supply of money in the economy, leading to deflation</p> Signup and view all the answers

    What was the result of over-speculation on rail-road construction in the late 19th century?

    <p>A increase in investors' debt and subsequent bankruptcies</p> Signup and view all the answers

    What was the consequence of the collapse of banks in the late 19th century?

    <p>A increase in the number of borrowers who could not repay their loans</p> Signup and view all the answers

    What was the primary cause of the panic of 1873?

    <p>The end of bimetalism and the subsequent contraction in the money supply</p> Signup and view all the answers

    What was the consequence of the new mines discovered in the late 19th century?

    <p>A decrease in the number of miners who could not sell their silver</p> Signup and view all the answers

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