Section Quiz 5-1

people who risk their capital in organizing and running a business

• Morrill Tariff

• laissez-faire

• gross national product

• petroleum

• entrepreneurs

the total value of all goods and services produced by a country

• Morrill Tariff

• laissez-faire

• gross national product

• petroleum

• entrepreneurs

act that reversed years of declining tariffs

• Morrill Tariff

• laissez-faire

• gross national product

• petroleum

• entrepreneurs

a French phrase meaning "let people do as they choose"

• Morrill Tariff

• laissez-faire

• gross national product

• petroleum

• entrepreneurs

resource that can turned into kerosene

• Morrill Tariff

• laissez-faire

• gross national product

• petroleum

• entrepreneurs

Supporters of laissez-faire generally favor

• tariffs

• high prices

• free trade

• government protections

By the early 1900's, Americans had transformed the United States into the world's leading

• gross national product.

• industrial nation.

• laissez-faire country.

• military establishment.

Who invented the telephone, which revolutionized both business and personal communications?

• Alexander Graham Bell

• Thomas Alva Edison

• Edwin Drake

• George Pullman

_______________ was equally as important as natural resources in the nation's rapid industrialization.

• The political system

• A new tariff law

• New technology

• Increased population

The first oil well was drilled near Titusville, Pennsylvania, by

• Alexander Graham Bell

• Edwin Drake

• Thomas Alva Edison

• Elisha Otis