Gilded Age Quiz Review

What were the key changes during the 2nd Industrial Revolution?

• Change in political systems

• Change in what was made, how it was made, and who was making it

• Introduction of digital technology

• Decrease in urban population

Which of the following inventions is NOT listed as making lives easier and changing America and the world forever?

• Telegraph

• Telephone

• Cotton Gin

• Lightbulb

What does the term "Gilded Age" describe?

• A period of great technological advancements

• The thin layer of wealth over heavy poverty of the age

• The golden era of literature

• A time of widespread economic prosperity

Who coined the term "Gilded Age"?

• Charles Dickens

• Mark Twain

• John D. Rockefeller

• Andrew Carnegie

What was one of the consequences of the extreme division of wealth during the Gilded Age?

• Decrease in immigration

• Technological stagnation

• Calls for reform

• Rise in agricultural production

What is the economic system where methods of production are owned privately?

• Socialism

• Communism

• Capitalism

• Feudalism

Capitalism is reliant on which of the following?

• Government regulations

• Corporations and increased production/efficiency

• Equal distribution of wealth

• State ownership of property

What is a Trust in the context of business?

• A non-profit organization

• Businesses join together to form a monopoly

• A financial institution that manages investments

• A group of companies that share marketing strategies

What are monopolies able to set according to the notes?

• Employment laws

• Wages, prices, and availability of products

• Environmental regulations

• International trade agreements

What do monopolies reap as a result of their position, according to the notes?

• Small profits and limited power

• Large profits and tremendous power

• No profits and no influence on the market

• Minimal profits and moderate influence