Unit 2 Quiz #2

The Civil Service Act resulted in the end of what form of political corruption?

____________ is a negative term to describe the industrial tycoons of the Gilded Age and __________ is a positive term to describe them.

Cornelius Vanderbilt made his fortune in...

This monopoly system means the company owns every step in production.

After his retirement, Andrew Carnegie donated most of his money (over $350 million) to establish schools, libraries and universities.

In 1901 JP Morgan's US Steel was the first billion dollar company in the world. The size and productivity allowed the United States to compete globally against other industrialized countries like Great Britain and Germany

In response to a strike at Carnegie's Homestead (Pennsylvania) Steel Plant in 1892, Carnegie and his plant manager Henry Frick hired a private security company, the Pinkertons, to help break the strike, leading to ten dead union workers and hundreds of injuries

In 1895, at the depth of the Panic of 1893, JP Morgan loaned the US Treasury $65 million in gold to help safeguard the collapse of the US Government

John D Rockefeller often resorted to using spies and extortion to influence railroads to work in his favor by offering kickbacks and rebates that were denied to his competitors

By 1890, the richest 9% of Americans held over 75% of the nation's wealth. The average income for a factory workers was $380 a year, whereas Andrew Carnegie had a yearly income of $25 million