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Robber Barons
Robber Barons
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robber baron quiz prep
Flashcards
26 cards
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Questions
26
Answers
1
What does Laissez Faire mean and how does it apply to business?
"Allow to do" and marketplace SHOULDN'T be regulated
"Allow to do" and marketplace SHOULD be regulated
"Don't allow to do" and marketplace SHOULDN'T be regulated
"Don't allow to do" and marketplace SHOULD be regulated
2
What was the name of Rockefeller's company?
Standard Oil
Mobil
Carnegie Steel
Shell
3
What act made it illegal to form a trust that interfered with free trade between states?
Rockefeller Antitrust Act
Sherman Antitrust Act
Dawed Antitrust Act
Carnegie Antitrust Act
4
What is a dividend?
Profit from sale of company
Profits from sales
Profits from stocks
Profits from low wages
5
By 1880, what percentage of the US oil refining industry did Rockefeller control?
90%
50%
75%
3%
6
What theory stated the success and failure of businesses were governed by natural law?
Gospel of wealth
Social Darwinism
Evolution
Natural law
7
What is the business strategy where a company buys out its competitors or merges with them?
Monopoly
Trust
Horizontal integration
Vertical integration
8
WHICH WAS NOT AN IDENTIFIED PROBLEM IN THE SOUTH WITH INDUSTRIAL EXPANSION?
HIGH TRANSPORTATION COSTS
POOR AGRICULTURAL PRODUCTION
LACK OF SKILLED WORKERS
HIGH TARIFFS ON RAW MATERIALS AND IMPORTED GOODS
9
Where was Andrew Carnegie from?
Ireland
Scotland
England
Canada
10
What English philosopher applied Charles Darwin's theory of natural selection to society?
Herbert Spencer
Herbert Hoover
John Rockefeller
Andrew Carnegie
11
How did Rockefeller drive his competition out of business?
Overselling
Raising prices
Arson
Underselling
12
What is philanthropy?
Stealing from the rich to give to the poor
Promoting the welfare of others through generous donations
Volunteering
Giving small amounts of money to charities
13
What is the term for the complete control of an industry's production, wages, and prices?
Trust
Monopoly
Vertical integration
Comprehensive integration
14
What percentage of his wealth did Carnegie donate?
90%
50%
75%
99%
15
What's the process where a business controls all the resources, manufacturing and distributing?
Monopoly
Trust
Vertical integration
Horizontal integration
16
Term for when companies turn stocks over to trustees who run separate companies as one big one.
Vertical integration
Horizontal integration
Trust agreement
Monopoly
17
What industry did Carnegie FIRST make his fortune in?
Banking
Railroads
Steel
Oil
18
In what industry did Rockefeller make his money?
Oil
Steel
Railroads
Banking
19
What was the purpose of a holding company?
Break up companies that were too large
Merge companies together
To sell companies to other companies
Buy out stocks of other companies
20
What kind of wages did Rockefeller pay?
No wages
High
Average
Low
21
WHERE DID MOST OF THE INDUSTRIAL GROWTH IN THIS PERIOD OCCUR?
THE SOUTH
THE NORTH
THE WEST
THE MIDWEST
22
By 1899, Carnegie's business produced more of what product than all the factories in England?
Rubber
Railroads
Oil
Steel
23
When these large trusts felt pressure from the government how did they respond?
Broke up into dozens of companies
Moved overseas
Merged together into one large company
reorganized into single corporations
24
What did companies earn from the trust they entered into?
Mergers
Trusts
Stocks
Dividends
25
Why was it hard to prosecute companies under the Antitrust Act?
Didn't include horizontal integration
Didn't include vertical integration
"Trust" not clearly defined
"Monopoly" not clearly defined
26
What is the title for business leaders that used tactics like Rockefeller and others?
Robber Captains
Robber Barons
Barons of Industry
Captains of Industry
