Quiz #1 Review

TRUE or FALSE.

Laissez faire is a French word which means

"allow to do"

• TRUE

• FALSE

TRUE or FALSE.

A laissez-faire leader would be someone who is very hands-on in managing and leading his followers or subordinates.

• TRUE

• FALSE

TRUE or FALSE.

Leaders in laissez-faire style let their employees use their creativity, resources, and experience to help them meet their goals.

• TRUE

• FALSE

laissez-faire

• opposed to government regulation of business

• government should control major industries

• government should be eliminated

• nations should avoid trade

The belief that the ideas of natural selection should be applied to the marketplace.

• social darwinism

• gospel of wealth

• Spencer's Theory of Selectivity

• laissez-faire

Who was responsible for the first modern research laboratory?

• Thomas Edison

• George Westinghouse

• Andrew Carnegie

• Alexander Graham Bell

Why were the Industrial Capitalists referred to as "robber barons"?

• Industrialists often took advantage of other people economically.
• Industralists stole from the rich and gave to the poor.
• Industrialists were shared buisness partnerships controlled by a CEO.
• Industralists often formed conglomerates to rob smaller industries.

How did J.P, Morgan contribute to the reputation of the robber barons?

• J.P. Morgan ended humanitarian aid to foreign principalities and redistributed his wealth across the buisness industries of America.
• J.P. Morgan established the economic institution of bank loans and capitilized of the financial stress caused by the 1929 stock market crash.
• J.P. Morgan developed socialized medicinal practices as well as promoted the welfare of american immigrants by creating the welfare system. 
• J.P. Morgan recognized as the first millionaire controlled the banking industry and funded many of the businesses of the Industrial age. 

How did Andrew Carnegie differ from other robber barons of the Industrial Age?

• Late in life, Carnegie became more famous for his philanthropy than his economic greed.
• Late in life, Carnegie developed the socialist system of a welfare state in the steel industry.
• Late in life, Carnegie sold off his fortunes and financed election reforms and free public transit in urban areas.
• Carnegie developed the Woodbend Project which would provide unlimited free energy.

The total or complete control of a service, product or industry that prevents competition

• Union
• Robber Barron
• Monopoly
• Captain of Industry