Industrialization Vocabulary and Factors Quiz

What is a trust?

• group of businesses run by a single board of directors

• business owned by many investors

• the exclusive right to an invention

• share of ownership in a corporation

What is a monoply?

• the merger of competitors in the same industry.

• the production of large quantities of a standardized article (often using assembly line techniques)

• company that controls all or nearly all businesses in an industry

• the process of setting up a business to make a profit

Which of the following is NOT a factor of U.S. industrialization?

• abundance of raw materials/natural resources

• Government loans and laissez faire policy

• Inventions such as the light bulb and the Bessemer Process for steel

• a lack of labor

Which is a benefit of industrialization?

• pollution

• goods become more expensive and scarce

• Airplanes improve the transportation of goods and people

• Creation of more jobs

Which of the following defines capitalism?

• economic system in which people put money or capital into a private business to make a profit in a free market

• a person who seeks to promote the welfare of others, especially by the generous donation of money to good causes.

• economic system in which each privately owned business decides what to produce, how much to produce and how much to charge

• the process of setting up a business to make a profit

Which term best describes the theory of evolution thought by some to apply to business and social relationships. The "fittest" business or individual would succeed if left unrestricted.

• Capitalism

• laissez faire

• Social Darwinism

• horizontal integration

Which term best describes the following:

A line of machinery, tools, and workers on which objects to be manufactured are moved from one post to the next, where different workers perform different steps in the manufacturing process

• mass production

• assembly line

• profit motive

• robber baron

Are business leaders who acquired a fortune in the late nineteenth century by ruthless means Robber Barons or Captains of Industry?

• Robber Barons

• Captains of Industry

What would Thomas Edison needed to have applied for from the government for his invention of the light bulb?

• free enterprise

• vertical integration

• philanthropy

• patent

A share of ownership in a corporation is known as...

• laissez faire

• stock

• mass production

• patents