Industrial Revolution Review

A monopoly is when a company has significant competition for the marketing of its product within its sector of industry.

• True
• False

The use of capital is the money, property, or assets used to expand business and make a profit.

• True
• False

A trust is a form of consolidation where several companies in an industry turn over their assets and stock to a central board which then controls the decision making power for all companies involved.

• True
• False

Social Darwinism is a theory that held that the most able and efficient will survive in the marketplace, while the inefficient and foolish fail due to their own shortcomings.

• True
• False

The Sherman Anti-trust Act is a law passed by Congress in 1890 making trusts and other monopolistic competition illegal, punishable by fine or imprisonment.

• True
• False

Nativism is a business that has been granted a charter by the state that allows it to act as a single person and to sell stock in their company to investors.

• True
• False

The Clayton Anti-trust act is a law passed by congress in 1914 that further defined illegal monopolistic practices and established the Federal Trade Commission.

• True
• False

A Ghetto is a loose and unstable association of businesses in a an industry that that attempt to limit competition and control prices by agreeing to limit the supply of their product.

• True
• False

A patent is a temporary illegal monopolies granted in product to their investors.

• True
• False

Philanthropy is the effort to use personal wealth to promote human well-being.

• True
• False