L13: The Age of Innovation and Industry

Which of the following BEST describes a negative aspect of industrialism depicted in the image below?

• Work in factories was repetitive and often dangerous.

• A limited number of factory owners became millionaires.

• There were more factory workers than agricultural workers.

• The number of factories built between 1880 and 1890 increased steadily.

Which of the following BEST describes a laissez-faire economic policy?

• The government should leave businesses alone

• The government should heavily regulate businesses.

• The government should protect small businesses from failing.

• The government should prevent big businesses from expanding.

A business organized as a corporation is owned by its

• customers.

• employees.

• entrepreneurs.

• stockholders.

Which term BEST describes a company that completely dominates a particular industry?

• competitor

• corporation

• foundation

• monopoly

Which of these technologies did Henry Ford use to mass-produce automobiles?

• assembly line

• Bessemer process

• electric lighting

• oil refining

Capitalism is an economic system in which

• companies use donations to fund their production.

• businesses are owned exclusively by the government.

• factories and other means of production are privately owned.

• companies trade with other companies to produce their goods.

Which of the following was NOT a significant innovation in America during the 1800s?

• oil drilling and refining

• the commercial telephone line

• the first steam engine

• the powered airplane

Why is Andrew Carnegie considered a philanthropist?

• He used his wealth to benefit society.

• He funded many big businesses.

• He merged with other businesses.

• He helped eliminate monopolies.

What revolutionary process depicted in the image below transformed how iron was turned into steel?

• the Stanley Process

• oil wells

• the Bessemer process

• railroad construction

The business strategy of _______ integration involves joining together many firms from the same industry.

• horizontal

• vertical

• conglomerate

• lateral