Jones Ch 3 Formative Questions Summative Assessment

Name

What ideal of the free enterprise system wanted the government to remain out of economic affairs?

• laissez-faire
• interregulation
• supply and demand
• commercial advantage

Who began the first modern research laboratory, resulting in many new inventions, including the battery and the motion picture?

• Alexander Graham Bell
• Edwin Drake
• George Pullman
• Thomas Alva Edison

Supporters of laissez-faire generally favor

• free enterprise
• government protections
• high prices
• tariffs

One reason for the country’s industrial success was its vast abundance of

• natural resources.
• gross national product.
• technology.
• enterprise.

People who risk their own capital to organize and run a business are called

• capital investors
• robber barons
• industrialists
• entrepreneurs

made a fortune from the Central Pacific Railroad

• Leland Stanford
• James J. Hill
• Oakes Ames
• Jay Gould

implicated in the Crédit Mobilier scandal

• Leland Stanford
• James J. Hill
• Oakes Ames
• Jay Gould

founded a steel company in Pittsburgh

• Andrew Carnegie
• J. P. Morgan
• Cornelius Vanderbilt
• John D. Rockefeller

When a single company maintains control of an entire market, it is called

• vertical integration
• profit sharing
• a monopoly
• a corporation