The Gilded Age Test

What does the term "Gilded" refer to in the context of the Gilded Age?

• A time of pure wealth and success

• A shiny, valuable interior

• Being covered in gold on the outside but not golden on the inside

• A period of decline in the economy

What major change happened to the U.S. economy from 1865-1900?

• The U.S. went from the 4th largest manufacturing nation to #1

• Agriculture became the main industry

• The U.S. economy declined

• The U.S. moved to the #4 position in manufacturing

Which industry did Cornelius Vanderbilt dominate?

• Steel

• Oil

• Railroads

• Banking

What business practice involves a company controlling all levels of production from raw materials to distribution?

• Horizontal consolidation

• Vertical integration

• Monopoly

• Trust

Andrew Carnegie is best known for his work in which industry?

• Oil

• Banking

• Steel

• Railroads

Who was known for creating the Standard Oil Trust?

• Andrew Carnegie

• Cornelius Vanderbilt

• John D. Rockefeller

• J.P. Morgan

What does "Laissez-Faire" mean in economics?

• Government should control all business practices

• Government should not regulate businesses and let supply and demand control the economy

• Businesses should control the government

• Only small businesses should receive government assistance

The term "Robber Barons" refers to which type of business leaders?

• Businessmen who treated workers fairly

• Businessmen who dominated their industries with ruthless practices

• Leaders of labor unions

• Small business owners

What was the main goal of early labor unions?

• To support big businesses

• To get workers higher wages, shorter hours, and better conditions

• To help monopolies grow

• To prevent industrialization

The American Federation of Labor (AFL) was founded by which individual?

• Eugene V. Debs

• Andrew Carnegie

• Samuel Gompers

• Cornelius Vanderbilt