1.2 QUIZ Gilded Age

Vertical Integration is....?

• A company owns all parts of the process for producing a product.

• The process of taking over competing companies.

• When ethically questionable methods are used to eliminate competition.

• When wealth is used to benefit society by providing more jobs or increasing productivity.

Select ALL that apply: Which of following are factors of industrialization?

• A wealth of natural resources

• A growing urban population that provided cheap labor

• New markets for new products

• Lack of government support

Match the four reasons why monopolies are bad for the economy to the correct number.

• They cause inflation

• 1

• They lose any incentive to innovate

• 3

• They can supply inferior products

• 4

• They can set any price they choose

• 2

The ​ (a)   Strike led to Labor Day.

• Pullman
• Haymarket Affair
• Homestead
• Triangle Shirtwaist Factory

The ​ (a)   made it illegal to form a trust that interfered with free trade and prohibited monopolies and activities that hindered competition.

• Sherman Antitrust Act
• Laissez Faire
• Social Darwinism
• American Federation of Labor

A ​ (a)   is a group of firms combined for the purpose of reducing competition in an industry. A ​ (b)   is when

one company combines with or purchases another to

form a single firm.

• trust
• merger
• Monopoly
• Union

John D. Rockefeller was a Robber Barron of which industry?

• Steel

• Railroads

• Oil

• Construction

Steel originated where?

• America

• Scotland

• China

• Great Britain

Samuel Gompers was in charge of​ (a)  

• American Federation of Labor
• Sherman Antitrust Act
• Captains of Industries
• Robber Barrons

What was the goal of the interstate Commerce Act?

• To promote sales of market shares of the railroad industry.

• To allow businesses to retain their autonomy as free enterprise companies

• To make railroad rates fair for all customers by requiring rates to be “fair and reasonable.”

• Allowing the government to remain uninvolved in free enterprise.