American Industrialization Quiz

The growth of American industry was sparked mainly by

• public welfare programs

• technological inventions and investments

• a decline in productivity in the USA

• government involvement in the economy

After the Civil War, one way business leaders tried to eliminate competition was by

• forming monopolies or trusts

• developing overseas markets

• increasing the prices of their products

• paying high wages to their workers

Which statement best describes the role of railroads in the industrialization of the United States?

• They were the earliest form of commercial transportation

• They are more important to industry today than they were 100 years ago

• They provided an efficient means of transportation during the age of Big Business

• They were unable to compete in areas that had good water transportation

People who supported the laissez-faire attitude of the late 19th century argued that

• the National Government should not interfere in the activities of big business in order for the economy to grow

• national wealth could best be assured by the accumulation of gold

• the idea of individualism is vital to the nation’s economic growth

• government should protect society through the regulation of business

John D. Rockefeller gained control over much of the oil industry by

• managing a trust and controlling the oil refineries

• buying large sections of the transcontinental railroad

• charging higher prices than his competitors

• going into partnership with Andrew Carnegie

The Standard Oil Company controlled nearly all of the oil industry. This total control of a product and market is known as a

• monopoly

• stock

• corporation

• bond

In this quotation, John D. Rockefeller claims that his company was successful because "I ascribe (attribute) the success of Standard Oil Company to its policy of making the volume of its business large through the merit (excellence) and cheapness of its product."

• it bought small companies or forced them out of business

• it provided good working conditions for its employees

• its products were useful and inexpensive

• it encouraged competition in the oil industry

The growth of industry in the late 1800's was due to the capital raised by large corporations. These companies raised money by selling shares of

• stocks

• bonds

• trusts

• dividends

Corporations come together to form a trust in order to

• decrease competition and to become more efficient

• increase the amount of competition in their industry

• issue stocks

• give rebates

John D. Rockefeller, Andrew Carnegie, and Cornelius Vanderbilt could all be called

• leaders in establishing the Sherman Anti-Trust Act

• political leaders in support of controlling business

• captains of industry

• business leaders who used fair practices to gain power and wealth