Industry - innovations

The economic system where assets are privately owned rather than government controlled is known as

• Populism

• communism

• capitalism

• socialism

What American inventor was responsible for the creation of the telephone?

• Alexander Bell

• samuel morse

• thomas edison

• andrew carnegie

What became the heavy construction material of choice during the late-1800s?

• iron

• copper

• gold

• steel

Which of the following was an impact of the Bessemer process?

• It increased speed by which telegraphs moved across lines.

• It reduced the cost of drilling for oil from offshore sources.

• . It improved the rate of electricity generation in power plants.

• It allowed steel to be produced far more cheaply and quickly.

What became the major factor emphasized by factories in the industrial age?

• education

• skilled workforce

• productivity

• raising wages

Small businesses mainly needed which basic factor of production to expand?

• land

• labor

• capital

• patents

Which of the following best describes a monopoly?

• a company that by law exists independent from its owners

• a company that completely dominates a particular industry

• a company that solely relies on manufacturing for capital

• a company that attempts to buy up as much land as possible

How did John D. Rockefeller's Standard Oil grow to become a monopoly?

• It used vertical integration to dramatically increase its output.

• It took control of all oil production and distribution processes.

• It developed a moving production line system of manufacturing.

• It expanded by buying out and merging with other companies.

Which of the following best describes the process of horizontal integration?

• joining together as many firms from the same industry as possible

• patenting all related technologies and inventions across an industry

• improving worker productivity through mass-production technique

• taking control of each step in product production and distribution

Which of the following best describes the process of vertical integration?

• joining together as many firms from the same industry as possible

• patenting all related technologies and inventions across an industry

• improving worker productivity through mass-production techniques

• taking control of each step in product production and distribution