U.S. History -Age of Innovation and Industry Vocabulary Quiz

What is the Bessemer process?

• a method of steelmaking invented in 1855 that enabled steel to be made more cheaply and quickly

• a company that completely dominates a particular industry

• a company recognized by law to exist independently from its owners, with the ability to own property, borrow money, sue, or be sued

What is a trust?

• A type of financial investment managed by a large group known as trustees, who can make a lot of money

• A type of insurance policy where a small group of people pay for the majority of the insurance premium

• A form of government regulation managed by a small group known as trustees, who can make laws

• a set of companies managed by a small group known as trustees, who can prevent companies in the trust from competing with each other

What is Social Darwinism?

• A theory that promotes equality among all races and social classes
• A belief that intelligence is determined by genetics and cannot be changed
• An ideology that supports the idea of a classless society
• An idea, based on Charles Darwin's theory of evolution, that the best-run businesses led by the most capable people will survive and prosper

What is an entrepreneur?

• A person who is employed by the government
• Someone who invests in the stock market
• A person who starts a business or organization, taking on financial risks in the hope of profit.
• A person who works for a large corporation

What was the Haymarket Affair?

• a violent clash between union supporters and Chicago police that divided and weakened the labor movement

• A celebration of agricultural workers' rights where many unions were created

• A peaceful protest for women's suffrage that resulted in women's right to vote

• A diplomatic meeting between labor unions and government officials

What is Capitalism?

• Capitalism is an economic system based on bartering goods and services
• Capitalism is a system based on public ownership of the means of factories and other means of production l

• Capitalism is a system in which factories and other means of production are controlled by the government

• Capitalism is a system in which factories and other means of production are privately owned rather than controlled by government

What is a Monopoly?

• A Monopoly is when the money in a country begins to loose value.

• A Monopoly is a situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
• A Monopoly is a type of rock formation found in deserts, characterized by a single large stone standing alone.
• A Monopoly is a type of government ruled by a single individual with absolute power.

What is horizontal integration?

• A strategy where a company acquires or merges with competitors in the same industry
• A strategy where a company invests in research and development
• A strategy where a company targets a different market segment
• A strategy where a company focuses on expanding its product line

What is a Labor Union?

• An organization formed by churches to make sure they follow labor laws.

• An organization formed by companies to protect their rights and interests in the workplace.

• An organization formed by the government to protect workers and their rights and interests in the workplace.

• An organization formed by workers to protect their rights and interests in the workplace.

What is the Sherman Anti-Trust Act?

• A daring act of bravery dating back to 1776 when General Sherman led America to victory over the British,

• A 1900s statute banning the creation of anti-trusts and other forms of gambling.

• A 2010 federal law outlawed trusting foreign countries with military secrets.

• An 1890 federal law that outlawed trusts, monopolies, and other forms of business that restricted trade.