Gilded Age Quiz 1

What was one of the reasons Mark Twain named this era the Gilded Age?

• Because of the decline in industry

• Because of the opulence and spending

• Because of the decrease in immigration

• Because of the lack of wealth

Which of the following best describes the economic condition during the Gilded Age?

• Economic stagnation

• Rapid growth of industry and big business

• Decline in big business

• Slow growth of industry

According to Social Darwinism, how much should the government interfere with people's success?

• As little as possible

• As much as possible

• Provide equal opportunities

• Ensure social welfare

What does vertical integration and horizontal integration in big businesses involve?

• Single operation

• Combined multiple operations

• No operations

• Limited operations

Which market structure is a loose association of competing businesses that make the same product?

• Oligopoly

• Monopoly

• Cartel

• Perfect competition

"Captains of Industry" are typically involved in which of the following activities?

• Starting small businesses

• Donating to charities

• Working as employees

• Avoiding investments

What type of business strategy did Carnegie Steel use to gain control over its industry?

• Horizontal integration

• Vertical consolidation

• Diversification

• Franchising

Cornelius Vanderbilt's control over the shipping industry was achieved through which of the following strategies?

• Horizontal integration

• Vertical integration

• Outsourcing

• Franchising

What does the term "Trust" refer to in the context of the provided material?

• A legal entity for managing assets

• A group of companies under a single board of trustees

• A financial institution

• A type of partnership