8th Grade Test 2 Review 24-25

What were the benefits of the expansion of railroads in the late 1800s and early 1900s?

• transportation of goods, access to supplies and markets, economic development, expansion of markets

• Decline in agricultural production and reliance on more skilled workers

• Increased reliance on horse-drawn carriages and no interstates

• Limited access to remote areas

What does "laissez faire" mean?

• An economic theory advocating for high tariffs and trade barriers.
• A strategy for government control of all economic activities.
• A principle that encourages government ownership of all businesses and individual property.

• "Leave to be" - individuals and businesses have economic freedom and limited government regulation

How were American workers impacted by laissez fair policies?

• Laissez-faire policies led to improved working conditions and job security.
• American workers faced unsafe working conditions, long hours, and low wages due to laissez-faire policies. It led to monopolies and trusts.

• Workers enjoyed better wages and benefits under laissez-faire policies because the government regulated business practices.

• American workers experienced significant growth in labor rights and protections.

What is a monopoly?

• A monopoly is a business that has exclusive control of the supply and trade of a good or service.

• A monopoly is defined as a situation where consumers have unlimited choices.
• A monopoly occurs when a government controls all market prices.
• A monopoly is a market structure with many sellers competing equally.

What are the advantages of monopolies?

• Higher production costs and higher wages for workers

• Decreased innovation and more market competition

• Guaranteed high prices and industry domination

• Lower production costs, predictable prices, elimination of middlemen

What are the disadvantages of monopolies?

• Monopolies and trusts can eliminate competition, dictate prices, restrict supply, dominate industry practices

• Lower prices for consumers and higher costs for producers and manufacturing

• Increased competition among firms and better working conditions for those in factories and production

• Enhanced customer service experience

What is a trust?

• A trust is a government program for savings and economic policies.

• A trust is a board of trustees who take part in philanthropic practices.

• A trust is a type of bank account where trustees put money in savings and checking accounts.

• A trust is a single board of people who controls several businesses with the purpose of creating a monopoly.

Why did the government eventually create anti-trust legislation?

• To prevent monopolies and promote competition. There were concerns over the power that business, industries, and their leaders had.

• To increase government control over businesses because the government wanted to set prices and regulate all business practices.

• To eliminate all forms of competition because competition is not for a capitalist economy.

• To support the growth of monopolies because they did good things for people.

What words describe living and working conditions that people most likely faced in urban areas in the Gilded Age (late 1800s and early 1900s)?

• luxurious, clean, safe
• unsanitary, crowded, loud, dirty

• high wages, short hours, comfortable housing
• excellent working conditions, ample leisure time

Which industrialist does this describe:

Used vertical integration and harsh business practices to grow the Standard Oil Company and create a near-monopoly before antitrust legislation broke up the company

• Andrew Carnegie
• J.P. Morgan
• Cornelius Vanderbilt
• John D. Rockefeller