US History II Chapter 3 Industrialization

What does laissez-faire rely on to regulate prices and wages?

• businesses

• supply and demand

• government

• the GNP

______________ is the belief that the government should not interfere in the economy.

• capitalism

• socialism

• laissez-faire

• microeconomics

Closed Shops were supported by the American Federation of Labor and basically defined as companies that

• could only hire union workers.

• could not try to prevent strikes.

• would agree to collective bargaining.

• would not hire African Americans.

Workers' buying power generally increased in the late 1800s because

• factories often increased prices.

• factories often increased wages.

• prices fell faster than wages.

• wages increased faster than prices.

Which of the following is an advantage that big corporations had over small businesses?

• They could hire more workers.

• Their products were more expensive.

• They had higher operating costs.

• They could produce goods more cheaply and efficiently.

__________ began the first modern research laboratory that resulted in many new inventions such as the battery and motion picture.

• Alexander Graham Bell

• Edwin Drake

• George Pullman

• Thomas Alva Edison

What were the two railroad corporations that built the transcontinental railroad?

• Southern Railway and Great Northern.

• Southern Railway and Union Pacific.

• Union Pacific and Central Pacific.

• Union Pacific and Great Northern.

Wages, shipping charges, and supplies are examples of

• laissez-faire economics.

• fixed costs.

• operating costs.

• business management.

Why was petroleum in high demand even before the invention of the automobile?

• it could be made into plastics

• it could be turned into kerosene

• to lubricate moving parts in a machine

• to power locomotives

During the early days of industrialization, why did many members of Congress believe tariffs were necessary?

• to entice European consumers to buy American goods

• to increase the prices Europeans paid for American products

• to protect new industries from foreign competition

• to entice American consumers to buy European goods