US History Industrialization

What did the American system of mass production of standardized, interchangeable parts encourage US capitalists to do?

• Invest in machinery to replace skilled labor

• Only dismiss American workers from factories

• Employ American workers over foreign immigrants

• Construct large-scale factories in specific industrial zones

One of the methods used by business leaders to increase their profits was

• funding research on new technologies

• supporting a centrally planned economy

• elimination of the tactic of vertical integration

• elimination of as much competition as possible

The greatest economic consequence of the transcontinental railroad network was that it

• developed a skilled industrial workforce

• united the nation into a single, integrated national market

• enabled people from farms and small towns to visit all the big cities

• enabled farmers to make a highly profitable living by shipping their goods across the country

A monopoly is best defined as

• a business that provides a necessity to the general public

• a market situation where there is only a single provider of a good or service

• a negotiation by workers as a group with business owners over compensation

• an arrangement of similar businesses created to regulate production and control pricing

How did the Gilded Age get its name?

• Because everyone painted their possession gold

• Because most people were rich

• It just was called that.

• It appeared glamorous on the outside, but this covered up many problems.

A group of companies in the same industry giving day-to-day operation of their companies over to a single board of directors.

• monopoly
• corporation
• trust
• horizontal Integration

Invented electric lightbulb

• Morgan

• Thomas Edison
• Carnegie

• Rockefeller

Explain the impact electricity had on factories.

• Factories had to close down early.
• Factories could remain open 24 hours a day.
• People began moving back to the countryside.
• People could only go to the factories in the morning.

Urbanization led to which of the following:

• much wealth for most citizens

• extreme poverty for many workers

• safe, clean streets

• the fall of tenement buildings

A person who uses ruthless business tactics to get money from customers is called a(n)

• entrepreneur
• robber baron
• philanthropist
• boss