Why were the late-1800s often referred to as the Gilded Age?

Some industrialists grew wealthy despite political unrest

The principle of laissez-faire promotes what economic policy?

creating a self-regulating marketplace

How did access to electricity change American industry?

Businesses and factories could stay open much later

Which of the following BEST describes a laissez-faire economic policy?

The government should leave businesses alone

Which of the following BEST describes a negative aspect of industrialism?

Work in factories was repetitive and often dangerous

Which of the following was an impact of the Bessemer process?

Allowed steel to be produced far more cheaply and quickly

Which of the following best describes the process of horizontal integration?

joining together lots of firms from the same industry

How did financial backers protect their investments in inventions?

They encouraged inventors to acquire patents

Which of the following best describes the process of vertical integration?

taking control of each step in production and distribution

Why did Andrew Carnegie state, "anyone who dies rich dies disgraced"?

the wealthy should use their surplus wealth to help others

Why is Andrew Carnegie considered a philanthropist?

He used his wealth to benefit society

Why did the Sherman Antitrust Act initially fail to reduce the influence of big businesses?

Vague language led to weak government enforcement

Which of the following correctly matches the people with their industry?

Carnegie: Steel, Rockefeller: Oil, Vanderbilt: Railroads

Capitalism is an economic system in which

factories and other means of production are privately owned

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USH TCI Chapter 13: The Age of Innovation & Industry

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Questions 23

Answers

1
Why were the late-1800s often referred to as the Gilded Age?
Times were extremely prosperous for most working Americans
Some industrialists grew wealthy despite political unrest
Local economies did poorly during this industrial period
People feared the U.S. would fall apart due to big industry
2
The principle of laissez-faire promotes what economic policy?
encouraging horizontal integration practices
creating a self-regulating marketplace
supporting vertical integration practices
regulating businesses through government
3
How did access to electricity change American industry?
Enormous demand reduced the number of power plants
Businesses and factories could stay open much later
Businesses shortened hours in reaction to electricity costs
Rural areas could increase their crop production rates
4
A business organized as a corporation is owned by its
entrepreneurs
customers
employees
stockholders
5
What became the heavy construction material of choice during the late-1800s?
copper
iron
steel
titanium
6
Which of these technologies did Henry Ford use to mass-produce automobiles?
assembly line
Bessemer process
oil refining
electric lighting
7
Which of the following BEST describes a laissez-faire economic policy?
The government should heavily regulate businesses
The government should prevent big businesses from expanding
The government should protect small businesses from failing
The government should leave businesses alone
8
What natural resource took on a rapidly growing role in the industrial age?
Gold
Oil
Wood
Coal
9
Which of the following BEST describes a negative aspect of industrialism?
The number of factories built between 1880 & 1890 increased
A limited number of factory owners became millionaires
There were more factory workers than agricultural workers
Work in factories was repetitive and often dangerous
10
Risk-takers who establish their own businesses are often referred to as
Investors
Entrepreneurs
Trustees
Captains of Industry
11
Which of the following was an impact of the Bessemer process?
Reduced the cost of drilling for oil from offshore sources
Allowed steel to be produced far more cheaply and quickly
Increased speed by which telegraphs moved across lines
Improved the rate of electricity generation in power plants
12
Which of the following best describes the process of horizontal integration?
taking control of each step in production and distribution
joining together lots of firms from the same industry
improving worker productivity through mass-production
patenting all related technologies and inventions
13
What became the major factor emphasized by factories in the industrial age?
productivity
reducing costs
skilled workforce
education
14
The idea that businesses led by capable people will prosper and others will die off is called
Social Darwinism
Entrepreneurship
Capitalism
Laissez-faire
15
How did financial backers protect their investments in inventions?
They bribed government official to pass new laws
They chose to invest in only proven commodities
They invested across all competing inventors
They encouraged inventors to acquire patents
16
Which term BEST describes a company that completely dominates a particular industry?
competitor
monopoly
foundation
corporation
17
Which of the following best describes the process of vertical integration?
taking control of each step in production and distribution
improving worker productivity through mass-production
patenting all related technologies and inventions
joining together lots of firms from the same industry
18
Why did Andrew Carnegie state, "anyone who dies rich dies disgraced"?
the rich should spend all of their money before they died
a man should pass on all of his extra wealth to his children
the wealthy should use their surplus wealth to help others
it was shameful to be in possession of a large sum of money
19
Why is Andrew Carnegie considered a philanthropist?
He helped eliminate monopolies
He joined with other businesses
He funded many big businesses
He used his wealth to benefit society
20
Which of the following was NOT a significant innovation in America during the 1800s?
the commercial telephone line
the powered airplane
the first steam engine
oil drilling and refining
21
Why did the Sherman Antitrust Act initially fail to reduce the influence of big businesses?
Smaller businesses opposed the new reform efforts
Large corporations paid off judges for favorable rulings
Laissez-faire economics grew extremely unpopular
Vague language led to weak government enforcement
22
Which of the following correctly matches the people with their industry?
Carnegie: Steel, Rockefeller: Oil, Vanderbilt: Railroads
Carnegie: Steel, Rockefeller: Railroads, Vanderbilt: Oil
Carnegie: Oil, Rockefeller: Railroads, Vanderbilt: Steel
Carnegie: Railroads, Rockefeller: Oil, Vanderbilt: Steel
23
Capitalism is an economic system in which
companies trade with other companies to produce their goods
factories and other means of production are privately owned
companies use donations to fund their production
businesses are owned exclusively by the government

USH TCI Chapter 13: The Age of Innovation & Industry Flashcards | StudBud