Economy Booklet 1

Question 1

By 1851 which country dominated the world in terms of industrial output?

Answer 1

Britain

Question 2

By 1851 what was Britain considered as?

Answer 2

Workshop of the world

Question 3

When was the great exhibition?

Answer 3

October 1851

Question 4

When was the mid Victorian boom between?

Answer 4

1850-1873

Question 5

By what percent did the economy grow per year in 1851?

Answer 5

3%

Question 6

How many km of railway was there in 1850?

Answer 6

9500 km

Question 7

How many km of railway was there by 1875?

Answer 7

22000km

Question 8

How much was the value of cotton in 1851 and what had it rose to by 1875?

Answer 8

It was £46 million in 1851
Rose to £105 million in 1875

Question 9

How many tonnes of coal was produced in 1851 and how many by 1875?

Answer 9

1851: 60 million tonnes
1875: 109 million tonnes

Question 10

Define the term economy?

Answer 10

The state of a country or region in terms of the production and consumption of goods and services and the supply of money.

Question 11

Define the term credit?

Answer 11

A borrower gaining money with the lender trusting in their ability to pay the money back with interest

Question 12

Define the term laissez faire?

Answer 12

Belief that basic laws of economics did not change and that government involvement was unnecessary and won’t make any difference

Question 13

Define the term free trade?

Answer 13

Trade freely with other countries and by 1860 almost all trading regulations hade been removed, it also lead to a massive increase in the volume of trade

Question 14

In 1851 how much of the world total traded manufactured goods were produced by Britain?

Answer 14

40%

Question 15

What percentage of the world’s trade passed through British ports in 1851?

Answer 15

25%

Question 16

What fraction of the British goods were exported to the British empire in 1851?

Answer 16

1/3

Question 17

What was the rate of production of coal, cotton etc. like in 1873?

Answer 17

Increasing but more slowly

Question 18

What happened to methods of production in 1873?

Answer 18

They were becoming faster and becoming more sophisticated due to technology improvements

Question 19

In 1886 what percentage did the unemployment peak reach and what effect did this have?

Answer 19

It was 10% and lead to much hardship and a sense of depression

Question 20

By 1900 how much of Britain’s foodstuff was imported?

Answer 20

50%

Question 21

In 1873 was there a general raise in standard of living?

Answer 21

Yes

Question 22

By early 1870s how much did farmers produce of the home consumption of wheat?

Answer 22

50%

Question 23

By 1886 how much of wheat was imported to Britain ?

Answer 23

2/3

Question 24

By 1899 how much of meat was imported to Britain?

Answer 24

90%

Question 25

By 1875 how many tons of coal was demanded?

Answer 25

130 million tonnes

Question 26

What two inventions helped increase the iron output from 1850?

Answer 26

Nelson’s hot blast Nasmyths stream hammer

Question 27

When was the first London Underground line opened?

Answer 27

1863

Question 28

Why did Britain dominate shipping?

Answer 28

Due to its large navy

Question 29

What were the issues with steam ships?

Answer 29

They were expensive to build and run

Question 30

In 1851 what fraction did the cotton and wool industry account for in regards to British exports?

Answer 30

2/3

Question 31

Name 3 new industries that were being created:

Answer 31

Electrical engineering Motor industry Bicycles Aluminium Rubber Artificial silk

Question 32

When did Germany introduce trade tariffs?

Answer 32

1879

Question 33

What industries was Britain able to build up stable industries of?

Answer 33

coal iron steel engineering shipbuilding textiles

Question 34

What did the international trade do to Britain's relationship with other countries?

Answer 34

cemented Britain's relationship with foreign countries.

Question 35

What was Britain the largest output for?

Answer 35

primary products such as tea, cane sugar, wheat

Question 36

What were the factor leading to Britain being economically successful in the mid- nineteenth century?

Answer 36

Golden age in agriculture New inventions Development of transport and new infrastructure improvement in world trade nature of Britain government policies

Question 37

define the term protectionism?

Answer 37

shielding a countries domestic industries from foreign competition by tax imports

Question 38

What was the population by 1881?

Answer 38

35 million

Question 39

By 1880 how many tonnes of ships were there?

Answer 39

3 million

Question 40

By 1875 how many tonnes of iron was produced?

Answer 40

15 million

Question 41

By late 1800s how much of the worlds exports were bought by Britian?

Answer 41

50%