Sec 1-2 Quiz
Define patent.
A copyright on a new invention.
What two groups of people primarily worked on the railroad?
Chinese and the Irish
In what areas did Carnegie and Rockefeller make their fortunes?
Carnegie- Steel
Rockefeller- Oil
What Scottish immigrant made millions of dollars in the steel industry?
Andrew Carnegie
Define monopoly
monopoly=when one company controls a whole industry so there is little competition
Who was allowed to join the Knights of Labor?
All workers: men, women, skilled, unskilled
“Prices and wages should be determined by the marketplace.”
What idea fits with this idea?
a. government ownership of utilities.
b. minimum-wage laws.
c. wage and price controls.
d. laissez-faire capitalism.
laissez-faire capitalism
Many reformers who opposed the laissez-faire attitude of the late 19th century argued that
a. the idea of rugged individualism is vital to the nation's economic growth.
b. government should protect society through the regulation of business.
c. national wealth could best be assured by the accumulation of gold.
d. the National Government should not interfere in the activities of big business.
government should protect society through the regulation of business
Many wealthy American industrialists of the late 19th century used the theory of Social Darwinism to
a. justify monopolistic actions.
b. support the labor union movement.
c. promote legislation establishing a minimum wage.
d. encourage charitable organizations to help the poor.
justify monopolistic actions
During the late 1800s, children often worked in factories because
a. their parents believed in the process of natural selection.
b. employers offered high wages to skilled children.
c. families needed the income to survive.
d. there were no public schools for children to attend.
families needed the income to survive
Who helped electricity become widely available in the 1880s?
Thomas Edison
Business leaders were often referred to by one of these two names? (one positive, one negative)
Robber Barons, Captains of Industry (maybe philanthropists but probably not)
What law was passed in 1890 trying to stop the abuses of big business? It was largely ineffective because of vague language but it was a starting point.
Sherman Antitrust Act
Where did the first transcontinental railroad meet?
Promontory Point, Utah (?)
Define laissez-faire
laissez-faire is the idea that the economy does best when the government keeps its hands off and does not interfere with business.
Who was the leader of the Knights of Labor?
Terrence Powderly
The main purpose of antitrust legislation is to
a. protect the environment.
b. increase competition in business.
c. encourage the growth of monopolies.
d. strengthen the rights of workers.
increase competition in business
antitrust means AGAINST MONOPOLIES
During the latter half of the 19th century, many business organizations in the United States combined into large corporations because
a. income levels for workers would be improved.
b. government intervention in economic affairs would decline.
c. efficiency in production methods could be increased.
d. economic possibilities outside the United States could be explored.
efficiency in production methods could be increased
Which situation brought about the rapid growth of industry between 1865 and 1900?
a. high worker morale resulting from good wages and working conditions.
b. availability of investment capital.
c. establishment of western reservations for Native American Indians.
d. decline in the number of people attending schools.
availability of investment capital
How did industrial growth affect the distribution of wealth in the U.S.?
(distribution of wealth means how money is spread out among the different classes)
a. All Americans enjoyed a higher standard of living.
b. Wealth was concentrated in the hands of a few industrialists.
c. The income gap between farmers and factory workers widened.
d. The income gap between rich and poor grew smaller.
Wealth was concentrated in the hands of a few industrialists
Who invented the telephone in 1876?
Alexander Graham Bell
Define Social Darwinism.
The strongest companies are strong & will survive while the weak companies will die out
* Who became president following Lincoln's assassination?
Andrew Johnson
What entrepreneur invested his money into oil-refining companies?
Rockefeller
Define oligopoly
oligopoly= when a just few businesses control an industry so there is little competition.
What event caused the demise of the Knights of Labor?
The Haymarket Strike
After the Civil War, one way business leaders tried to eliminate competition was by
a. forming monopolies or trusts.
b. developing overseas markets.
c. increasing the prices of their products.
d. paying high wages to their workers.
forming monopolies or trusts
In response to the demands of farmers and small business owners, Congress enacted laws in the late 19th century that
a. supported the organization of farm cooperatives.
b. regulated the activities of railroads and trusts.
c. provided direct payments to farmers to help them buy modem machinery.
d. dropped tariff rates to the lowest point in the century.
regulated the activities of railroads and trusts
According to the theory of laissez faire, the economy functions best when the government
a. subsidizes business so that it can compete worldwide.
b. regulates businesses for the good of the majority.
c. owns major industries.
d. does not interfere in business.
does not interfere in business
How was the first transcontinental railroad paid for?
Paid for by the government.
What French term means that the government keeps their “hands off” of business?
laissez-faire
*What was the name of the Union plan to defeat the South during the Civil War?
Anaconda Plan
What two names were such entrepreneurs often referred to as?
Robber Barons and Captains of Industry
Name the act passed by Congress that marked the beginning of business regulation by the U.S. government
Sherman Antitrust Act?
Who was allowed to join the American Federation of Labor?
Only skilled laborers, only white men
Which factor most limited the growth of labor unions during the late 1800's?
a. Most factory workers were satisfied with their wages and working conditions.
b. Most employers were very hostile toward workers' efforts to organize.
c. The Federal Government declared that unions were illegal.
d. Workers preferred to negotiate with factory owners as individuals rather than as members of a group.
Most employers were very hostile toward workers' efforts to organize.
Because of the shortage of workers in California, the Central Pacific Railroad hired workers from
a. Japan. c. Ireland.
b. China. d. Mexico.
China
The government contributed to the building of the transcontinental railroad by
a. not allowing immigrants to work for railroad companies.
b. collecting extra taxes from the industries that would use the railroad.
c. awarding loans and land grants to private companies to build the railroad.
d. assigning the army to lay out a path for the railroad.
awarding loans and land grants to private companies to build the railroad
What two railroad companies worked on the transcontinental project?
Central Pacific and the Union Pacific
Define oligopoly and give two examples of it today.
Oligopoly is when the market is dominated by a few large companies.
-Microsoft and Apple have oligopoly on computers.
-Market 32 & Hannaford have oligopoly on grocery stores.
*What does it mean that Thomas Jefferson was a "strict constructionist?"
He did everything by the Constitution.
Define social Darwinism
Social Darwinism is the belief in "survival of the fittest". The strongest people in society with the best ideas are destined to do well. Poor people are poor because they are not as strong or smart as the rich people. Miss Studenroth does not agree with this.
A "trust" is the same as a ____
trust=monopoly or oligopoly
Who founded the American Federation of Labor?
Samuel Gompers
In the 19th century, the major national labor unions wanted to improve the position of workers mainly by
a. supporting government ownership of major industries.
b. endorsing a third political party for workers only.
c. using government troops to settle labor disputes with management.
d. obtaining the legal right to organize and bargain collectively.
obtaining the legal right to organize and bargain collectively
The purpose of the Interstate Commerce Act (1887), the Sherman Antitrust Act (1890), and the Clayton Antitrust Act (1914) was to
a. increase the power of local governments.
b. reduce the power of the unions.
c. reduce imports from foreign nations.
d. eliminate unfair business practices.
eliminate unfair business practices
In the late 1800s, most strikes by unions were unsuccessful mainly because
a. unions were generally considered to be unconstitutional.
b. government usually supported business instead of workers
c. strikes had never been used before in labor disputes.
d. strikes failed to use militant tactics.
government usually supported business instead of workers
Where did the two companies meet?
Promontory Point, Utah
What do you call a market completely controlled by one company?
Monopoly
*What man first drilled for oil in 1859 in PA?
Edwin Drake
What is a labor union?
A labor union is a group of workers who organize for fair treatment of workers through collective bargaining, protests and strikes.
What were the main goals of the American Federation of Labor?
fair wages, hours & working conditions