Chapter 4: The Triumph of Industry

Which of the following helped fuel economic growth by encouraging people to buy American goods?

• Patents
• Tariffs
• Laissez-faire
• Monopolies

Steel changed people's lives in making possible the...

• Building of Skyscrapers
• Establishment of Time Zones
• Development of Electricity
• Invention of the Radio

A cartel differs from a monopoly in that...

• All the firms involved in the same business merge into one
• One firm set the prices for all goods in an industry
• One corporation has complete control of a product or service
• Businesses making the same product agree to limit production

Cartels, monopolies, trusts and horizontal and vertical integration all share the goal of...

• Driving up costs
• Raising wages
• Combining resources
• Increasing profits

Capitalism fueled industrialization by...

• ensuring that all workers received high wages
• giving the country many natural resources
• encourage entrepreneurs to establish businesses for profit
• requiring inventors to file patents

Which innovation extended the number of hours in a day that Americans could work or play?

• Telegraph
• Electricity
• Bessemer Process
• Refrigeration

Negotiating as a group for higher wages and better working conditions is known as…

• A Trust
• A Monopoly
• Collective Bargaining
• A Corporation

The elimination of competition within an industry is known as a(n) …

• Trust
• Corporation
• Collective Bargaining
• Monopoly

What is it called when an industry makes a large quantity of goods very quickly using machines?

• Patent
• Mass Production
• Trust
• Cartel

What is it called when a number of people share ownership of a business?

• Cartel
• Corporation
• Monopoly
• Patent