Unit 1 Test

What is laissez faire?

• Land and other natural resources should be publicly owned, but capital equipment should be privately owned
• Land and other natural resources should be privately owned, but capital should be publicly owned
• Government will not interfere with the operation of the economy

• None of the above

2. What caused the need for Unions?

• Poor working conditions
• Low wages
• Little job security
• all of the above

3. Robber Baron practices included which of the following?

• a) bribed members of Congress for contracts
• created monopolies in certain areas
• gained their wealth by exploiting the common worker
• all of the above

4. Vanderbilt made his original fortune in which field?

• Railroads
• Steel
• Shipping
• Oil

5. Rockefeller made his fortune in which industry?

• crude oil
• Kerosene
• Rubber
• all of the above

6. Exclusive control of an industry is known as ?

• robber baron
• monopoly
• proprietary business
• all of the above .

7. How did Jay Gould and Jim Frisk hinder Vanderbilt's takeover of their company?

• creating an infinite amount of stock
• watering down the stock
• both a and b
• neither a nor b .

8. Which industry is associated with Carnegie?

• Railroads
• Shipping
• Steel
• Oil

9. Which of the following created problems when transporting goods west?

• Crossing the Rocky Mountains
• Entering lands owned by Native Americans
• Railroad taxes implemented in Western territories
• Crossing the Mississippi River .

10. What caused Carnegie to move away from bridges to structures?

• Railroads were dying
• Too much competition in the bridge industry
• Steel shortage
• none of the above .