2a.01-2a.04

What does government use of laissez-faire economic policy mean?

• government non-interference in businesses & the economy

• taxation of the rich to provide funding to aid those in need

• a French phrase that literally means "hands-off"

• providing a fair deal for businesses and private citizens alike

What is industrialization?

• going from an economy based on agriculture to one based on industry

• the development of industries in a country or region on a wide scale

• the large-scale introduction of manufacturing, advanced technical enterprises, and other productive economic activity

• the period of social and economic change that transforms an agrarian society into an industrial one

Which of the following best describes the business strategy of horizontal integration?

• buying a company that does the same thing that your company does

• buying a company that does something that your company needs

• managing a large number of companies together as a single entity

• when one company becomes totally dominant in an industry

Which of the following is the primary advantage of engaging in vertical integration?

• decreases production cost, allowing lower product prices and better ability to compete

• eliminates competing firms, increasing market share and chance of monopoly

• establishes new products that complement your company's original one

• gains access to overseas trade markets for your products

A _____ exists when a single company dominates an entire industry.

• monopoly

• trust

• holding company

• oligarchy

Which of the following corporations was founded by Andrew Carnegie?

• United States Steel

• Standard Oil

• Florida East Coast Railway

• Morgan and Carnegie, Inc.

The belief that society is an open competition for wealth/status, and success/failure is based on survival of the fittest, is consistent with the Gilded Age philosophy known as:

• Social Darwinism

• Gospel of Wealth

• Laissez-Faire

• Corporate Welfare

Why was the 2nd Industrial Revolution appropriately nicknamed "The Gilded Age"?

• because incredible wealth belonged only to a few, while the rest of society struggled

• because all aspects of society experienced huge increases in wealth and prosperity

• because it coincided with the discovery of gold in the state of California

• because the Nadir of race relations tarnished the country's economic prosperity