Topic 1.1 (Industrialization) Quiz

Which of the following was NOT a cornerstone of U.S. industry during the process of industrialization in the Gilded Age?

• Electricity

• Oil

• Agriculture

• Railroads

One reason industrial capitalists such as Cornelius Vanderbilt or Andrew Carnegie were referred to by some Americans as 'Robber Barons' is because they

• bought titles of nobility from foreign governments

• were ruthless in dealing with competitors

• stole money from state and local governments

• gained their entire wealth by illegal means

> Development of a National Market

> Creation of standard time zones

> Increase in communication to Western states

The late 19th century historical developments above show the importance of:

• railraods on the development of the United States

• agrarian reformers in Western states

• the labor union movement on the nation

• the oil industry in increasing American power in the world

Which of the following industrial capitalists was most directly involved in the development of transportation routes for moving industrial resources and products?

• John P. Morgan

• Cornelius Vanderbilt

• Andrew Carnegie

• John D. Rockefeller

Andrew Carnegie gained control of a large percentage of the U.S. steel industry by doing all of the following, EXCEPT:

• Buying out his suppliers (vertical integration)

• Reducing the quality of his products

• Buying out his competitors (horizontal integration)

• Controlling market prices & establishing a trust

According to this quote from Andrew Carnegie, one main responsibility of the wealthy is to:

• invest in future industry to increase their wealth

• give to charities or other philanthropic activities

• maintain a lifestyle consistent with their wealth

• influence government to assist all people

According to the artist who made this cartoon, one growing concern about rapid industrialization was:

• The steel industry had the greatest influence on the Senate.

• Standard Oil needed to be regulated by the Senate.

• Trusts and monopolies were gaining too much power over the government.

• Senators treated industrial capitalists poorly.

Which speaker is expressing the viewpoint that is most consistent with the principles of laissez-faire economics?

• Speaker 1

• Speaker 2

• Speaker 3

• Speaker 4

What type of business organization is being criticized in this cartoon?

• Partnership

• Multinational Corporation

• Trust

• Co-Operative

Congress passed the Interstate Commerce Act (1887) and the Sherman Antitrust Act (1890) in response to:

• foreign influences on the U.S. economy

• public demand for better roads

• monopolistic practices that were harmful to small businesses

• the failure of federal banks to provide loans to individuals