Industrial Age Economic Theories and Practices

Industrial Age Economic Theories and Practices

Assessment

Interactive Video

Business

9th - 10th Grade

Hard

Created by

Patricia Brown

FREE Resource

The video explores the Industrial Age, focusing on big business and labor. It highlights Andrew Carnegie's rise from an immigrant to a steel magnate through innovative business strategies like vertical and horizontal integration. The concept of Social Darwinism is discussed, explaining wealth disparities. The video also covers the formation of monopolies and trusts by industrialists like Rockefeller and the government's response with the Sherman Anti-Trust Act. Despite their ruthless tactics, many industrialists were also philanthropists.

Read more

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was one of the key strategies Andrew Carnegie used to dominate the steel industry?

Investing in real estate

Vertical and horizontal integration

Outsourcing labor to other countries

Focusing solely on marketing

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does vertical integration involve?

Focusing on a single product line

Investing in foreign markets

Purchasing companies at all levels of production

Buying out competitors in the same industry

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did horizontal integration help companies like Carnegie's?

By diversifying product lines

By reducing production costs

By increasing employee wages

By eliminating competition

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What theory was used to justify the wealth of industrialists during the Industrial Age?

Keynesian economics

Supply-side economics

Social Darwinism

Trickle-down economics

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who was known for promoting the 'rags to riches' success story?

Andrew Carnegie

John D. Rockefeller

JP Morgan

Horatio Alger

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a monopoly?

A company that focuses on international trade

A company that has complete control over an industry's production, wages, and prices

A company that controls all aspects of production

A company that invests in multiple industries

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did John D. Rockefeller achieve control over the oil industry?

By creating a trust with competing companies

By forming a holding company

By focusing on retail sales

By investing in renewable energy

Create a free account and access millions of resources

Create resources
Host any resource
Get auto-graded reports
or continue with
Microsoft
Apple
Others
By signing up, you agree to our Terms of Service & Privacy Policy
Already have an account?