Ch. 13 Textbook Review: Age of Innovation & Industry

A business as a corporation is owned by its

• stockholders

• customers

• employees

• entrepreneurs

Which of these technologies did Henry Ford use to mass-produce automobiles?

• oil refining

• Bessemer process

• assembly line

• electric lighting

Which of the following BEST describes a negative aspect of industrialism?

• There were more factory workers than agricultural workers.

• Work in factories was repetitive and often dangerous

• a limited number of factory workers than agricultural workers.

• The number of factories built between 1880 and 1890 increased steadily.

The business strategy of _______ integration involves joining together many firms from the same industry.

• mass

• vertical

• horizontal

• expansion

Capitalism is an economic system in which

• businesses are owned exclusively by the government

• companies trade with other companies to produce their goods.

• companies use donations to fund their production.

• factories and other means of production are privately owned.

Which term BEST describes a company that completely dominates a particular industry?

• competitor

• monopoly

• corporation

• foundation

Why is Andrew Carnegie considered a philanthropist?

• He used his wealth to benefit society.

• He funded many big businesses

• He merged with other businesses.

• He helped to eliminate monopolies.

Why was the Sherman Antitrust Act unsuccessful at breaking up trusts and monopolies?

• Although the laws was in place, many government officials were unwilling to carry it out.

• The law was designed only to go after private business, leaving public companies untouched.

• The vague language of the law allowed big business to beat it in court.

• all of the above

Which of the following BEST describes a laissez-faire economic policy?

• The government should protect small businesses from failing.

• The government should heavily regulate businesses.

• The government should prevent big businesses from expanding.

• The government should leave businesses alone.

In the economic system of capitalism, factories, equipment, and other means of production are

• controlled by the government.

• privately owned.

• publicly owned.

• controlled by a small group of highly educated elite.