chap 12 test

Northern ________________ traditionally supported high tariffs to protect them from competition overseas

• whigs

• farmers

• stock brokers

• entrepreneurs

What is one advantage that big corporations had over small businesses?

• Their products were more expensive

• They could hire more workers

• They had higher operating costs

• They could produce goods more cheaply and efficiently

. Supporters of laissez-faire generally favor

• free trade

• government protections

• high prices

• tariffs

When a single company achieves control of an entire market, it is known as

• a corporation.

• a monopoly

• an integration

• an oligarchy

Issuing stock allows a corporation to raise large amounts of money for big projects while

• cutting prices to increase sales

• decreasing fixed costs

• lending money to investors

• spreading out the financial risk

The two railroads that built the transcontinental railroad were the

• Southern Railway and Great Northern

• Southern Railway and Union Pacific

• Union Pacific and Central Pacific

• Union Pacific and Great Northern

People who risk their own money to organize and run businesses are known as

• capitalists

• entrepreneurs.

• robber barons

• investors

To make rail service more reliable, in 1883 the American Railway Association

• divided the country into standardized time zones

• drew latitude and longitude lines for the country

• set a maximum number of cars that a train could pull

• set standards for materials used in the construction of railroad lines

Even before the invention of the automobile, petroleum was in high demand because it could

• be made into plastics

• be turned into kerosene

• lubricate moving parts in a machine

• power locomotives

One reason for the country’s idustrial success was its vast abundance of natural

• resources

• gross national product

• technology

• enterprise