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ECON HISTORY OF BUSINESS

Multiple Choice
Identify the choice that best completes the statement or answers the question.
 

 1. 

Who was Henry Luce?
a.
Founder of the Internet
c.
Railroad mogel
b.
Founder of Time/Life publishing
d.
Founder of Warner Bros pictures
 

 2. 

What is most responsible for Coca Cola's world wide success?
a.
advertising
c.
its beginning as a cocaine drink
b.
it's flavor
d.
it's medicinal properties
 

 3. 

St. Godric was one of the earliest European businessmen. What did he do that made him a businessman?
a.
Created one of the first banks whereby he loaned money for profit..
c.
Bought goods from surrounding communities an sold at a profit to other communities
b.
Made a pilgrimage to the Holy Land with the Crusades, buying products along the way.
d.
Went overland to China to buy Far East spices to be sold later for profit
 

 4. 

What 15th c. businessman got dispensation from the Catholic church by purchasing and commissioning works of art for the church?
a.
Cosimo Domenici
c.
Godric of Scotland
b.
Leonardo de Vinci
d.
Machiavelli
 

 5. 

What country became famous and rich by developing its shipping and spice trade. It also developed the first stock companies.
a.
Sweden
c.
Holland
b.
England
d.
France
 

 6. 

Where did most of the money come from to build the transcontinental railroad?
a.
the banks
c.
the farmers
b.
U.S. government
d.
state governments
 

 7. 

The video, "History of Business," states that _____ formed the foundation of the American economy in the 20th century.
a.
bankers
c.
the stock market
b.
railroads
d.
the consumer
 

 8. 

At the time of Marco Polo's trip to China, how did Europe and China compare in technological development?
a.
Europe was superior
c.
China was superior
b.
England and Scotland were superior but he rest of Europe was inferior to China.
d.
China a Europe were about even
 

 9. 

Who was the financier who helped to create the modern banking system, was a financier and possibly singlehandedly saved the U.S. from a depression?
a.
Henry Ford
c.
J.P. Morgan
b.
John D. Rockefeller
d.
H.L. Huntington
 

 10. 

Lending money for interest in the middle ages was called _____, a mortal sin in the eyes of the Catholic church.
a.
bilcheray
c.
dispensation
b.
absolution
d.
usury
 

 11. 

What was the "Credit Mobilier?"
a.
A cartel that stole money from the transcontinental railroad
c.
The J.P. Morgan bank that financed the transcontinental railroad.
b.
A railroad car bank branch office that loaned money to the railroad workers.
d.
The U.S. National Bank
 

 12. 

In 1876 the rest of the world looked upon America as
a.
a poor underdeveloped country
c.
a world power
b.
rich and productive
d.
a wealthy industrial country
 

 13. 

"The more transactions there are the more wealth there is." This is a principle of
a.
inflation
c.
deflation
b.
banking
d.
the Catholic Church
 

 14. 

Godric became a wealthy man. What did he do with his wealth in his later years?
a.
Retired to a life of luxury and peace in Scotland.
c.
Was appointed to the Court of William the Conqueror.
b.
Rejected his wealth and became a monk.
d.
Retired to England and lived out his life in a stately castle
 

 15. 

What does the "Greater Fool Theory" state?
a.
"It's not how much you make but how much you spend"
c.
"There is always someone willing to pay more for something"
b.
"People never are satisfied with their current wealth"
d.
"A fool and his gold is soon parted"
 

 16. 

The tulip mania proved that
a.
gold is worthless
c.
value is defined by time and place
b.
only produced goods have real value
d.
the only real value is to be found in nature
 

 17. 

Who got the idea from Chicago meat packers for assembly line production?
a.
J.P. Morgan
c.
Sinclair Lewis
b.
Henry Ford
d.
Andrew Carnegie
 

 18. 

What famous person is associated with the Standard Oil Company, who cut a deal with the railroads to get control of the oil industry?
a.
Dale Carnegie
c.
John D. Rockefeller
b.
J.P. Morgan
d.
Henry Ford
 

 19. 

The video, "History of Business," states that _____ made modern America.
a.
the railroads
c.
the civil war
b.
the Spanish American War
d.
cotton and the textile industry
 

 20. 

In the 20th century, the economic center of the world has moved steadily _____
a.
South
c.
West
b.
North
d.
East
 

 21. 

Who became rich and famous by providing software for computers rather than hardware?
a.
Apple's Steve Jobs
c.
Henry Luce
b.
Bill Gates
d.
Helwett and Packard
 

 22. 

The center of finance in 15th c. Europe was
a.
Florence
c.
Paris
b.
Rome
d.
London
 

 23. 

Matthew Bolton proved that every scientist needs _____ to be successful.
a.
an education
c.
an entrepreneur
b.
an imagination
d.
a good woman
 

 24. 

What was Marco Polo looking for on his trip to China?
a.
spices
c.
religious converts
b.
gold
d.
gun powder
 

 25. 

Which invention is credited with starting the "Industrial Revolution?"
a.
Westinghouse electric generator
c.
Whittney's cotton gin
b.
James Watt's steam engine
d.
Edison's electric light
 



 
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