Laissez Faire Questions And Answers

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Level One Questions: What is gross national product (GNP)? Pg 410 Gross national product is the total value of goods and services produced by a country during a year. What does laissez-faire mean? Pg. 414 Laissez-faire is the policy that government should interfere as little as possible in the nation’s economy. Define entrepreneurs. Pg. 415 Entrepreneurs are one who organizes, manages, and assumes the risks of a business or enterprise. What is the Morrill Tariff? Pg. 415 Morrill Tariff was passed by the Congress at the end of the Civil War which increased tariff rates. What is the purpose of the Pacific Railway Act? Pg. 416 The Pacific Railway Act provided for the construction of a transcontinental railroad by two corporations. Level Two Questions: How did an abundance of natural resources contribute to economic…show more content…
Pg. 412 The telephone revolutionized business and personal communication. The light bulb and later general electricity, allowed for people and businesses to run machines and such. The automatic loom pushed what used to be small tailor shops into large factories, mass producing clothing at a faster pace. How did the principles of the free enterprise system, laissez-faire, and profit motive encourage the rise of industry? Pg. 414 Supporters of laissez-faire believed the government should not interfere in the economy other than to protect private property rights and maintain peace. The profit motive attracted many capable and ambitious people into business How did Greenville Dodge contribute to the economic growth of the United States in the late 1800s? Pg. 416 Grenville Dodge was a Union army officer who served as Grant 's Intelligence Chief. He contributed to the economic growth of the United States by playing a crucial role in building the first Transcontinental Railroad. How did railroad expansion lead to industrial growth? Pg.
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