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U11: Industrial Revolution #5 Flashcards | StudBud
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U11: Industrial Revolution #5
U11: Industrial Revolution #5
14 terms
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StudBud Administration
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Review of key content from Industrial Revolution lecture
Flashcards
14 cards
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Practice quiz
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Questions
14
Answers
1
5. What is a
monopoly
?
D. Collusion with competitors to fix the price of a product
A. When one company compelely controls the sale of a product
C. Predatory price cutting, to drive competition out
B. Control of a product & all related products by one group
2
1. What is a
Corporation
?
C. A business setup that gives a company financial powers
D. All of the above
B. A business setup that gives a company legal protections
A. A business structure that gives a company legal rights
3
3. How did the role of
Banks
change during the Industrial Revolution?
D. A and B only
B. They became more important than the business they created
A. They began to loan & invest $ (not just a place to save)
C. They were carefully regulated by the federal government
4
12. In what kind of situations are unions often thought of as more necessary?
When employees are seen as interchangeable and lack leverage
When there is no Board of Directors
When there are no stockholders
When a company is engaged in trade overseas
5
10. Which statement about Unions is
false
?
B. Help to protect consumers against the dangers of Trusts
A. They are a fraternity or brotherhood of workers
D. Use the threat of strikes as leverage in job negotiations
C. Use collective bargaining as leverage in job negotiations
6
11. What is
Collective Bargaining
?
D. A and B only
A. Negotiating terms of work as a group (Vs. independently)
C. Control of a product & all related products by one group
B. Worker walkout to endangers profits, to force concessions
7
8. The monopoly by Standard Oil led to the lowest prices of oil in the history of the Industry
B. False
A. True
8
2. Which statement about Corporations is
False
?
It's legal rights include the right to hire, fire and sue
Give CEO's power over the Board of Directors (rep investors)
It's financial powers include the sale of stock
Legally protect officers from suits (can sue the co. tho)
9
4. Which of the following statements about J.P Morgan is
False
?
B. He funded General Electric & US Steel (a billion $ comp.)
D. He was arrested for insider trading
A. He is perhaps the most famous financier in history
C. Was asked by the govt. to help the US out of a depression
10
6. What is a
Trust
?
B. Control of a product & all related products by one group
A. When one company compelely controls the sale of a product
D. Collusion with competitors to fix the price of a product
C. Predatory price cutting, to drive competition out
11
7. Trusts and monopolies are typically thought to
negatively impact ...
C. Workplace conditions
D. A and B only
B. Quality
A. Price
12
9. How did the monopoly by standard oil lead to lower prices and better quality?
B. It gave the company greater legal rights
C. It eliminated the need for a Board of Directors
A. It allowed for an effective use of collective bargaining
D. It provided an efficiency of scale
13
14. Management often benefits from improvements in wages, benefits and conditions won by unions
A. True
B. False
14
13. Workers faced armed attacks and death during strikes for fair wages & workplace conditions
A. True
B. False
