Historical Acts and Industrial Development

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Congress passed the Interstate Commerce Act (1887) and the Sherman Antitrust Act (1890) in response to: monopolistic practices that were harmful to small businesses

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monopolistic practices that were harmful to small businesses

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Many of the business trusts created in the late 1800s were eventually declared illegal primarily because they: eliminated competition by forming monopolies

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eliminated competition by forming monopolies

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In the late 1800s, rapid industrial development resulted in: a decrease in tariff rates, a decrease in population growth, an increase in the rate of urbanization, an increase in the price of farm products

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an increase in the rate of urbanization

Front

In the late 1800s, which factor directly contributed to the growth of the steel industry? Options: government regulation of the industry, employee ownership of the industry, court decisions that allowed collective bargaining.

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new production techniques that increased efficiency

Front

What is the principal message of the cartoon regarding the Standard Oil Company?

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used its economic power to influence government decisions

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How did the Bessemer Process contribute to urbanization?

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It allowed the faster and cheaper construction of skyscrapers.

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Which of the following 19th century monopolists is not correctly matched with his industry? John D. Rockefeller – oil, Cornelius Vanderbilt – railroads, J.P. Morgan – spectator sports, Andrew Carnegie – steel

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J.P. Morgan – spectator sports

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Andrew Carnegie controlled the steel industry by owning not only the steel mills, but also the iron ore and coal mines; as well as the railroads which transported his goods. This is an example of which business strategy?

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vertical integration

Front

Refer to figure 1. The cartoonist is commenting on the

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excessive power of big business

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Progressive Era reformers tried to reduce the gap in wealth between the rich and the poor by

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implementing a graduated income tax