Question

1) What is the economic theory that is the opposite of capitalism?. a)command economy. b)market economy. c)socialism. d)competition. . 2) Which of the following were reasons for wanting government control of the railroad and large production entities?. a)economic gap between rich and poor. b)low wages. c)monopolies. d)all of the above. 3) During economic depressions?. a)some employers lowered wages.. b)some employers brought workers to America. under the Contract Labor Act.. c)machines did the work without people.. d)workers had to work overtime.

Answer 1

1.) A command economy is the opposite of capitalism as all resources, competition, and wages are controlled by the state as opposed to the market. For 2., many sought to regulate rail roads due to the outrageous rates charged by Monopolies owning the rails. 3. During economic depressions, employers lowered wages to compensate for the loss of profits. Though, later, under F.D.R during The Great Depression, the minimum wage and maximum work hours were instituted.

Answer 2

1. C
2.D
3.A
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