The Industrial Age

1. The United States was able to industrialize because it had access to all the necessary _______________ - land, labor, and capital.

• corporations

• factors of production

• collective bargaining

2. To raise the capital needed to expand, many businesses became ____________________ . Instead of having one owner, these businesses are owned by a group of investors who purchase stock in the company.

• factors of production

• free enterprise system

• corporations

3. The economic policy of _______________ _______________ calls for the complete non involvement of government in the economy. The approach is one of "hands-off", in which prices, quality, and competitive practices are solely determined by competition.

• factors of production

• collective bargaining

• laissez - faire

4. Labor Unions fought for the right to _________________. They felt that unions should be allowed to negotiate with management for better pay and working conditions.

• factors of production

• collective bargaining

• free enterprise system

5. The American economy is based on the _____________ ______________ _____________.

• laissez - faire

• free enterprise system

• factors of production

6. In the latter half of the 1800's, a large labor supply, an abundance of natural resources, and the construction of new railroads contributed directly to the

• dependence of imported goods

• Growth of American Industry

• demand for limits on immigration

7. During the late 1800's pools and trusts were used by big businesses in effort to

• increase imports

• limit competition

• increase imports

8. Alexander Graham Bell and Thomas Edison were important to the second industrial revolution in the United States because they

• invented technology that made life easier and helped industry

• developed new methods of manufacturing

• built machines powered by steam

9. What was the immediate economic result of the use of mass production techniques in American Factories?

• goods were cheaper

• improved safety conditions

• labor unions grew

10. Corporations, stocks, and trusts are most closely connected with the

• rise of big business

• formation of labor unions

• development of the factory system