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The Gilded Age Flashcards | StudBud
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The Gilded Age
What is a corporation?
What is a monopoly?
The Gilded Age
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Questions
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Answers
1
What is a monopoly?
a market structure where one company has all control over the marketing
a market structure where many companies share the control of production
a market structure where one company has all control over the production
2
What is a corporation?
None of the above
A company owned by another company
A business owned by a family
A company owned jointly by multiple people
3
Match the Baron & Philanthropist to their industry: Vanderbilt
Finance
Railroads/Shipping
Oil
Steel
4
What does laissez-faire mean?
A French phrase for "lazy men"
A German phrase for "Survival of the fittest"
A French phrase for "leave it alone"
A German phrase for "leave it alone"
5
Why was this time period called the
Gilded Age
instead of the
Golden Age
?
It was not called the Gilded Age but the Silver Age.
Gilded refers to the rapid growth = becoming shiny (successful) quickly.
Gilded referred to a false shine = corruption underneath economic success
It was called the Golden Age by rich and Gilded by poor.
6
What are the 3 types of economic systems?
Command-based, Free, and Classic
Command, Classic, and Free
Supply & Demand, Classic, Market-Based
Traditional, Command, and Market-based
7
Social Darwinists believed that the people with the most skills, intelligence, & talents would rise to the top & succeed
True
False
8
Eugenics argued that a society could improve its population with selective breeding.
False
True
9
Match the Baron & Philanthropist to their industry: J.P. Morgan
Steel
Oil
Finance
Railroads/Shipping
10
Match the Baron & Philanthropist to their industry: Carnegie
Steel
Railroads/Shipping
Finance
Oil
11
Which of the following is an important component of Market-Based economies?
Competition between consumers
Always having a surplus of goods available
Competition between producers
Producing items as fast as possible to meet demand
12
Match the Baron & Philanthropist to their industry: Rockefeller
Steel
Oil
Finance
Railroads/Shipping
13
gov. officials abusing their political powers for private gain, typically through bribery or other methods in the US
corruption
Monopolist
Senate
bribery
14
Think sports! What role does the government play in an economic system?
An athlete
A coach
A referee
A team parent
15
Widening gap between rich & poor and deteriorating workplace conditions were an effect of:
Industrialization
Immigration
The Lottery
Railroads
16
What impact does competition have on businesses?
Competition motivates businesses to keep prices low and quality high.
Competition motivates businesses to keep prices high and quality high.
Competition motivates businesses to have good advertising.
Competition motivates businesses to produce goods as fast as possible.
17
What does scarcity mean?
It means when there has been an overproduction of goods
Refers to when there are not enough resources to meet demands
The economy can be scary at times.
It is when the cost of goods rises quickly
18
Which of the following is
NOT
a fundamental question of economics?
Who will benefit from goods and services that are produced?
What goods and services will be produced?
How much will the goods and services cost to product?
How should the goods and services be produced?
