Robber Barons 101

Match the following Captains of Industry / Robber Barons with the industry they dominated.

• Standard Oil

• Cornelius Vanderbilt

• Finance

• Rockefeller

• Railroads

• JP Morgan

• Steel

• Carnegie

Answer explanation

Match the following

• Vertical integration

• A market structure in which a single seller or producer dominates the entire market for a particular product or service, giving it significant control over price and supply.

• Horizontal integration

• A business strategy where a company extends its control over different stages of the production process or distribution chain of its products or services.

• Monopoly

• A business strategy in which a company expands its presence and control over the production or distribution of similar products or services by acquiring or merging with competitors operating in the same industry.

• Trust

• This allows a small group of owners to exert significant influence over prices, production, and competition within that industry.

Which two terms are often associated with ultra wealthy capitalist of the Gilded Age?

• Robber barons

• Titans of Business

• Captains of Industry

• Monarchs of Industry

Answer explanation

The correct terms associated with ultra wealthy capitalists of the Gilded Age are 'Robber barons' and 'Captains of Industry'.

In an effort to bolster their image (make themselves look better) many robber barons engaged in?

• Lobbying for favorable government regulations.

• Exploiting workers and manipulating markets.

• Engaging in philanthropy or charitable activities.

• Forming monopolies to dominate industries.

Answer explanation

The correct choice is engaging in philanthropy or charitable activities, as robber barons often used these actions to improve their public image.

During the late 19th and early 20th centuries, what ideology applied Charles Darwin's theory of natural selection to human society, often justifying social inequalities and laissez-faire capitalism?

• Utilitarianism

• Social Darwinism

• Philanthropy

• Anarchism

Answer explanation

Social Darwinism applied Charles Darwin's theory of natural selection to human society, justifying social inequalities and laissez-faire capitalism during the late 19th and early 20th centuries.