Industrialization and Economic Theories in the US

By 1900, the US was the leading industrial power, driven by technological advances like steam power and railroads. This growth was supported by government policies and a large labor force, including immigrants. Social Darwinism influenced economic beliefs, while industrial production shifted towards large-scale industries. Antitrust laws emerged to regulate trusts and monopolies, shaping the economic landscape.

By 1900, which country had the United States surpassed to become the leading industrial power?

• Great Britain

• Japan

• Russia

• China

What was one of the key impacts of the railroad industry on the US economy?

• It limited the growth of other industries.

• It created a national market for goods.

• It reduced the need for technological innovations.

• It decreased the demand for coal and steel.

Which economic theory suggested that government should not interfere in the market?

• Laissez-faire

• Supply-side Economics

• Keynesian Economics

• Monetarism

What was the primary goal of trusts formed during the late 19th century?

• To limit competition

• To promote small businesses

• To increase competition

• To support government regulation

Which act was the first federal law to regulate private industry in the US?

• Interstate Commerce Act

• Clayton Antitrust Act

• Federal Trade Commission Act

• Sherman Antitrust Act

Which industry was the first to merge into a large company under a trust?

• Textile

• Oil

• Railroad

• Steel

What was the main criticism of big business during the Progressive Era?

• They amassed wealth with little regulation.

• They supported too many government policies.

• They were too small to influence the economy.

• They paid high wages to workers.

Which act aimed to curb monopolistic practices in the US?

• Sherman Antitrust Act

• Federal Trade Commission Act

• Interstate Commerce Act

• Clayton Antitrust Act

What was a significant challenge in enforcing the Sherman Antitrust Act?

• It was only applicable to state-level businesses.

• It was supported by all business owners.

• It was difficult to apply to manufacturing.

• It was too specific in its wording.

What was the term used to describe business leaders who amassed wealth through questionable practices?

• Industrialists

• Philanthropists

• Robber Barons

• Entrepreneurs