People
Before the invention of the automobile, petroleum was in high demand because of _____________
it could be turned into kerosene
Laissez-faire relies on _______ to regulate prices and wages.
free market
Which group was hurt the most by the Morrill Tariff?
Southern Farmers
A shortage of workers in California forced the Central Pacific Railroad to hire about 10,000 workers from
China
During the early days of industrialization, many members of Congress believed that tariffs were necessary to ________________
protect new industries from foreign competition.
In the late 1800s, workers’ buying power generally increased because
prices fell faster than wages.
The government offered each railroad company building the transcontinental railroad land along its right-of-way to
encourage rapid construction of the tracks.
What is one advantage that big corporations had over small businesses?
They could produce goods more cheaply and efficiently.
____________________ are people who risk their capital in organizing and running a business.
Entrepreneurs
Railroad companies raised most of the money that they needed to build their railroads from
selling government land grants.
____________________ are people who risk their capital in organizing and running a business.
Entrepreneurs
To make rail service more reliable, in 1883 the American Railway Association
divided the country into standardized time zones.
When a union called a strike, employers would often hire replacements, called
strikebreakers.
The ____________________ motive, or hope to make money, attracted people of high ability and ambition into business.
profit
The two railroads that built the transcontinental railroad were the
Union Pacific and Central Pacific.
A single company that achieves control of an entire market is a ____________________.
monopoly
The total value of all goods and services that a country produces is its
gross national product
The American Federation of Labor pushed for closed shops, meaning that companies
could only hire union workers.
____________________ costs are costs a company has to pay, whether or not it is operating.
Fixed
In the Crédit Mobilier scandal, Union Pacific investors got rich by
paying inflated bills from a construction company that they controlled.
What is a corporation, who owns it, and how does it raise money?
A corporation is an organization owned by many people but treated by law as though it were a single person. It can own property, pay taxes, and make contracts. The people who own the corporation are called stockholders, because they own shares of ownership called stock. Issuing stock allows a corporation to raise large amounts of money for big projects, while spreading out the risk.
How did the expansion of railroads spur America’s industrial growth?
By linking the nation, railroads helped increase the size of markets, providing greater opportunities for many industries. Huge consumers themselves, the railroads also stimulated the economy by spending extraordinary amounts of money on steel, coal, timber and other needs.
Name two ways that someone in baseball can get a third strike and not be out.
Foul ball (still considered a strike but not out and the number of strikes reset to 2)
Ball in the dirt and the runner advances to 1st.
Who sang the popular 1970s hit song "Refugee?" (Chorus: You don't have to live like a refugee)
Tom Petty
What were the basic ideas of Marxism?
Marxists argued that the basic force shaping capitalist society was the class struggle between workers and owners. Eventually, workers would revolt, seize control of the factories, and overthrow the government. After the revolution, the government would seize all private property and create a socialist society where wealth was evenly divided. Eventually, the state would wither away, leaving a communist society where social classes did not exist.