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WorksheetsINDUSTRY SUMMATIVE PART 2- LESSONS 3-4 Big Business/Labor
Total questions: 26
Worksheet time: 13mins
A business owned by investors who buy part of the company through shares of stock. Selling stock was a way for business owners to raise money to invest back into the company
Corporation
Monopoly
Trust
Pool
Holding Company
Competing companies put control of their businesses under a single group of trustees--people who run the separate companies as one corporation.
Corporation
Monopoly
Trust
Pool
Holding Company
A single seller of a product, good, or service. Under this arrangement a company can raise prices higher or reduce quality because there is no competition
Corporation
Monopoly
Trust
Pool
Holding Company
A corporation that does nothing but buy out the stock of competing companies to strengthen their control over the market. Very similar to a trust
Corporation
Monopoly
Trust
Pool
Holding Company
An arrangement where companies in the same industry divide up the businesses. Each takes a share of the market and agrees not to compete for a larger share
Corporation
Monopoly
Trust
Pool
Holding Company
The stereotype that rich people have earned their right to be rich through unrestricted competition and poor people are lazy and less fit stems from..
Social darwinism from the industrial revolution
Notion of individual responsibility and blame
Laissez-faire capitalism
The gospel of wealth
Many business owners wanted to gain dominance in the market by…
Supporting the growth and success of their competition
Maximizing profits, getting rid of competition, and controlling production
Promoting safe and sanitary working conditions in their factories
Encouraging government regulation of industry
Vertical and horizontal integration were business practices used to do what?
Control and monopolize their respective industries
Share the wealth by encouraging competition
Avoid the development of monopolies
Provide opportunities for workers to make higher wages
Employing vertical integration Carnegie…
(CHoose All That Apply)
Purchased other other steel mills belonging to his competitors
Purchased mining companies, suppliers, shippers, everything needed to make steel
Employed the principles of the gospel of wealth
Gave “vertical” raises to all employees at the steel mill
The working conditions that led to the rise of labor unions in the 1800s included (Choose All That Apply)
Long working hours and low pay
Dangerous and unhealthy work environments
Unequal pay for men, women, and children
Which of the following was NOT an issue with working conditions in the 1800s?
Unhealthy and dangerous work environments
Lots of opportunity for growth in wages and job description
Low pay and no benefits
Monotonous and repetitive work
12 hour days and 6 day work weeks
The Knights of Labor was a labor union formed by Uriah Stephens in 1869. The “Knights” focused on “Bread and Butter” issues. These issues included
An 8 hour day and equal pay for equal work between men and women
The end of child labor’
Vacation and retirement benefits
Health insurance and profit sharing
Which of the following are some negative impacts of labor unions? (Choose All That Apply)
Creating tension between labor and management
restricting extra hours for those who wanted them
limiting workers to contractual agreements,
“closed shops” where only union members were allowed to work
Which of the following are some positive impacts of labor unions? (Choose All That Apply)
Collective bargaining to give individual workers more negotiating power
Solidarity among workers
Allowing union members to own shares of stock in the companies they work for
Creating profit sharing plans for all laborers
“In July 1877 workers for the Baltimore and Ohio Railroad (B&O) struck to protest their second wage cut in two months. The work stoppage spread to other lines. Most freight and even some passenger traffic, covering over 50,000 miles, was stopped for more than a week. Several state governors asked President Rutherford B. Hayes to intervene, saying that the strikers were impeding interstate commerce. Federal troops ended the strike.”
The above passage from your textbook represents a good example of
The separation of government and big business
The government intervening on behalf of the business (the railroad companies)
A strike in which workers’ demands were met by business owners
A strike where the government intervened on behalf of workers
Mother Jones was the most prominent woman labor organizers in the time period.
(Choose All That are True about "Mother Jones")
Supported the Great Strike of 1877
Organized for the United Mine Workers of America
Led 80 mill-working children to the home of President Theodore Roosevelt to expose the cruelties of child labor.
All the following statements about the Triangle Shirtwaist Factory fire are true EXCEPT
The owners and management had locked all the exit doors except one to prevent workers from leaving
146 women either burned to death or jumped to their death
There was no sprinkler system, fire department rescue ladders were not tall enough to reach the women, and the single fire escape collapsed almost immediately.
The owners of the Triangle Company were found guilty of negligence and had to pay huge damages.
Select the answer choice from the drop-down list to complete the sentence correctly.
In a free enterprise system, prices and wages are set , whose decisions are influenced by such factors as competition and consumer demand.
by businesses
the government
the court system
a central committee
How was the Paterson Silk Strike different from other labor strikes?
During the strike, women gained a place among male union leadership.
After the strike turned violent, armed guards were sent to protect the factory.
As a result of the violence, the public began to turn against the labor movement.
After the strike ended, a task force was set up to study factory working conditions.
Which of the following correctly describes the American Federation of Labor (AFL)?
Select the two correct answers.
It allowed all workers to join.
It used strikes as a last resort.
It was considered a craft union.
It was formed by a group of socialists.
It wanted to increase wages for its members.
Why did workers form unions?
to decrease wages
to eliminate child labor
to increase working hours
to improve working conditions
Which of the following is true of the South?
It industrialized more quickly than the North because southern businesses owned most of the railroads.
It industrialized more quickly than the North because people in the South were more willing to invest in risky ventures.
It industrialized more slowly than the North because entrepreneurs suffered from excessive transportation costs and high tariffs.
It industrialized more slowly than the North because the environment in the South contained plentiful resources needed for industry.
Which of the following correctly describes the attitude of business leaders about government intervention in industry?
It would destroy individual self-reliance.
It would lead to increased profits.
It would hurt weaker companies.
It would benefit the economy.
In order to control the raw materials and transportation systems, Andrew Carnegie used , a process by which he bought out his suppliers.
trusts
vertical integration
horizontal integration
holding companies
Which of the following are reasons why the South industrialized more slowly than the North?
Select the three correct answers.
The South faced high tariffs on raw materials.
Southern businesses owned most of the railroads.
The South suffered from a lack of skilled workers.
People in the South lacked capital for investment.
The environment in the South was ideal for industry.
How was the American Federation of Labor (AFL) different from the Knights of Labor?
The AFL wanted to overthrow the capitalist system.
The AFL sought to increase wages for its members.
The AFL declined after the failure of a series of strikes.
The AFL used strikes as a major tactic to improve conditions.
