Quiz on Industrial Revolution Figures and Concepts

Which industry was John Rockefeller associated with?

• Steel

• Oil

• Banking

• Railroad

What process provided a cheaper and better way to make steel?

• Vertical Integration

• Assembly Line

• Bessemer Process

• Mass Production

What does the term "consolidate" refer to in the context of railroad lines?

• Splitting into smaller companies

• Combining into larger companies

• Selling off assets

• Reducing workforce

What speeds up production by organizing workers and machines in a sequence?

• Vertical Integration

• Mass Production

• Assembly Line

• Bessemer Process

What is the effect of mass production on prices and supplies?

• Increases prices, decreases supplies

• Lowers prices, increases supplies

• Stabilizes prices, maintains supplies

• Raises prices, reduces supplies

What is the purpose of "pools" in the railroad industry?

• To increase competition

• To divide business and charge high rates

• To lower prices for consumers

• To expand into new markets

Which industry was JP Morgan associated with?

• Oil

• Steel

• Banking

• Railroad

What does "vertical integration" allow a company to do?

• Focus on a single phase of production

• Control all phases of production

• Outsource production to other companies

• Specialize in marketing

What term describes a successful businessman who kept his profits for himself and drove others out of business?

• Captain of industry

• Robber baron

• Monopoly

• Labor union

What commission was created to regulate unfair business practices of the railroad?

• Sherman Antitrust Act

• Labor Union

• Interstate Commerce Commission

• Monopoly