U.S. History: Ch 12 Test

Wages, shipping charges, and supplies Are what kind of costs?

The first oil well was drilled near Titusville, Pennsylvania, by

• Andrew Carnegie

• Edwin Drake

• John D Rockefeller

• Oakes Ames

Represented all skilled/craft workers

Began the railroad boom

• Pacific Railway Act

• Edwin Drake

• Laissez-Faire

• Standard Oil

Loans, mortgages, and taxes are what kind of cost?

Control of a kind of industry by one person

Enabled longer and heavier trains

Belief that the government should not interfere in the economy

Even before the invention of the automobile, petroleum was in high demand because it could

• be made into plastics.

• be turned into kerosene.

• lubricate moving parts in a machine.

• power locomotives.

Laissez-faire relies on __________ to regulate prices and wages.

• supply and demand

• Vertical Integration

• The government

• the GNP