Wayground - Indust. Lsn3: Big Business

Fill in the blank: ________ is the theory that taught only the strong survived.

• Social Darwinism

• Marxism

• Existentialism

• Utilitarianism

Fill in the blank: ________ was a Scottish immigrant who became a giant in the steel industry.

• Andrew Carnegie

• John D. Rockefeller

• Cornelius Vanderbilt

• J.P. Morgan

Fill in the blank: ________ is the process in which a company buys out its suppliers.

• vertical integration

• horizontal integration

• divestiture

• outsourcing

Fill in the blank: ________ was a banker who made his money by taking over and merging other businesses.

• J.P. Morgan

• Andrew Carnegie

• John D. Rockefeller

• Cornelius Vanderbilt

Fill in the blank: ________ was the head of the Standard Oil Company.

• John D. Rockefeller

• Andrew Carnegie

• J.P. Morgan

• Cornelius Vanderbilt

Fill in the blank: A ________ is complete control over an industry’s production, wages, and prices.

• monopoly

• corporation

• partnership

• franchise

Social Darwinism justified the idea of laissez-faire capitalism by suggesting that:

• the strongest businesses would naturally succeed without government interference.

• government regulation was necessary to protect weaker businesses.

• all businesses should receive equal support from the government.

• capitalism should be replaced by socialism.

Business leaders would favor laissez-faire capitalism and Social Darwinism because:

• These philosophies justify minimal government interference and support competition, benefiting their interests.

• They promote strict government regulation of businesses.

• They encourage equal distribution of wealth among all citizens.

• They require businesses to prioritize social welfare over profits.

Monopolies caused which of the following problems?

• Reduced competition and higher prices for consumers

• Increased innovation and lower prices

• Greater consumer choice and better quality products

• More fair distribution of wealth

The purpose of the Sherman Antitrust Act was:

• to prevent monopolies and promote competition

• to establish a national bank

• to regulate child labor laws

• to create a federal income tax