Key Concept 5B Industrialization

What is the economic philosophy that advocates minimal government intervention in the economy?

• Laissez-faire

• Horizontal integration

• Vertical integration

• Robber Barons

What type of monopoly involves a company controlling different stages of the production or distribution of a product?

• Robber Barons

• Horizontal integration

• Laissez-faire

• Vertical integration

What type of monopoly involves a company expanding by acquiring or merging with other companies at the same stage of the production process or offering similar products or services?

• Horizontal integration

• Robber Barons

• Vertical integration

• Laissez-faire

What term is used to describe powerful and wealthy businesspeople who gained their fortune through unethical and ruthless means?

• Laissez-faire

• Vertical integration

• Horizontal integration

• Robber Barons

What term is used to describe influential and successful business leaders who are viewed positively for their contributions to society and the economy?

• Laissez-faire

• Vertical integration

• Horizontal integration

• Captains of Industry

What idea introduced by Andrew Carnegie suggests that wealthy individuals have a moral responsibility to use their wealth for the benefit of society?

• Gospel of Wealth

• Vertical integration

• Robber Barons

• Laissez-faire

The belief that individuals, businesses, and nations that were the most successful and prosperous were naturally superior, and those less successful were seen as less fit is known as which of the following?

• Social Darwinism

• Robber Barons

• Vertical integration

• Laissez-faire

What law passed in the United States in 1890 aimed to promote fair competition and prevent monopolies?

• Collective bargaining

• Labor Unions

• Gospel of Wealth

• Sherman Antitrust Act

What are organizations formed by workers to advocate for better working conditions, higher wages, and improved treatment from employers called?

• Gospel of Wealth

• Sherman Antitrust Act

• Labor Unions

• Collective bargaining

What process allows representatives of workers to negotiate with employers to reach agreements on issues such as wages and working conditions?

• Gospel of Wealth

• Sherman Antitrust Act

• Labor Unions

• Collective bargaining