Industrialization: Carnegie/Rockefeller/JP Morgan

Which factor best accounts for the affordability of Ford Model T automobiles in the 1920s?

• the efficiencies created by the assembly line

•  the expertise of individual craftsmanship 

• strong support from labor unions

• low taxes and government subsidies

During the late 1800s, the idea of Social Darwinism was used to explain the

• Development of the Granger movement

• Need for settlement homes

• Creation of a national parks system

• Success or failure of businesses

The theory of laissez-faire economics was used during the late 1800s to

• justify unregulated business growth

• call for more consumer protection

• support Progressive programs

• Achieve equal distribution of income

The Rockefeller Foundation, Carnegie Hall, and the Morgan Library illustrate various ways that entrepreneurs and their descendants have

• suppressed the growth of labor unions

• supported philanthropic activities to benefit society

• applied scientific discoveries to industry

• attempted to undermine the United States economic system

Which of the following is a characteristic of a monopoly?

• Many firms competing in the market

• Easy entry and exit for new firms

• A single seller dominating the market

• Prices determined purely by supply and demand forces

The principal message of the cartoon is that the Standard Oil Company

• used its size to lower the prices of its products

• protected the nation from foreign competition

• used its economic power to influence government decisions

• employed violence to gain an unfair advantage for its workers

Many of the business trusts created in the late 1800s were eventually declared illegal primarily because they

• eliminated competition by forming monopolies

• combined companies that manufactured different products

• donated large sums of money to political candidates

• allowed children to work under unsafe conditions

In the late 1800s, the term robber baron was used to describe some owners of big businesses primarily because they

• favored free trade

• eliminated competition using ruthless methods

• opposed the formation of corporations

• provided workers with high wages