2nd Industrial Revolution And The Gilded Age

Question 1

Adam Smith wrote what?

Answer 1

The Wealth of Nations

Question 2

What 2 books did Karl Marx write

Answer 2

Communist Manifesto and Das Kapital

Question 3

What are split profits

Answer 3

Income minus expenses

Question 4

What does gilded mean?

Answer 4

To have a thin layer of something precious like gold cover up something like wood

Question 5

True or false: Pure free market has existed in the world

Answer 5

False

Question 6

Who owns, makes decisions, and splits profits in a capitalistic economic system?

Answer 6

Individual investors or stockholders(corporations) own, the individual or stockholders make decisions, and stockholders split profits

Question 7

What are some advantages and disadvantages of capitalism?

Answer 7

Advantages- generates more wealth than any other systems

Disadvantages- wealth is very unevenly distributed and there’s a huge wealth gap

Question 8

In socialism who owns, makes decisions, and who splits profits?

Answer 8

Government owns and makes decisions, and splits profits

Question 9

What are two types of socialism?

Answer 9

Democratic and Totalitarian Socialism

Question 10

Describe Democratic Socialism

Answer 10

Places like Sweden. Govt owns most businesses . Free healthcare, free college education etc. for everyone. High taxes, was productive. Profits more equally divided

Question 11

Define totalitarian socialism

Answer 11

No freedom – government controls all economic systems. Dictator controls government. People have no political or economic freedom. Places like the USSR, China, Cuba. Terribly unproductive

Question 12

Chore false pure communism has existed in the world

Answer 12

False

Question 13

Theoretically, who owns makes decisions and splits profits in a communist economic system

Answer 13

The people own make decisions and split profits

Question 14

What is a disadvantage of communism

Answer 14

Potential he, it is unproductive because there’s no monetary incentive to work hard

Question 15

The natural law of economics is described in what novel written by who. It is also based on the author’s views of the nature of man(evil/selfish)

Answer 15

The wealth of Nations written by Adam Smith

Question 16

Self interest and competition together is called what

Answer 16

The invisible hand

Question 17

The invisible hand gives 3 things. List them

Answer 17

1) The goals we need
2. in the quantity we desire
3. At the prices we are willing to pay

Question 18

Theoretically the market will bounce all of these things by itself

Answer 18

Products-consumer
Prices-capitalist
Wages-worker

Question 19

Who believes that the government show me intervene in the market to break up monopolies the government should not create which standards, protect the environment, will you leave product safety because the market will take care of this by itself

Answer 19

Free market capitalists

Question 20

Who created the five dollar day plan

Answer 20

Ford

Question 21

What four things in the second industrial resolution possible

Answer 21

1. Labor supply-immigration
2. New inventions
3. New power sources
4. New business structures

Question 22

What and where is the Mesabi Range

Answer 22

It’s the largest amount of iron ore and her phone in the world in the 1880s located in Minnesota

Question 23

What is the Bessemer process

Answer 23

Takes the carbon out of iron to make steel

Question 24

What three inventions revolutionized women’s work in the Gilded Age

Answer 24

The telephone typewriter and sewing machine

Question 25

Who was the man that applied social Darwinism to the economy

Answer 25

Herbert Spencer

Question 26

How did the religion of the Puritans applied to the economic system during the Gilded Age

Answer 26

Puritanism justified the wealth gap because wealth was a sign of God's favor. If you were poor that meant that God was unhappy with you

Question 27

4/5 of businesses during the gilded age or what

Answer 27

Monopolies

Question 28

This invention optical production from 33 million tons of 1870 to 250 million tons in 1900

Answer 28

Bessemer steel process

Question 29

Christophers Shoals invented this in 1867

Answer 29

typewriter

Question 30

Alexander Graham Bell invented this in 1867

Answer 30

Telephone

Question 31

True or false: Carnegie Steel Company produced more steel than all the factories in GB

Answer 31

True

Question 32

Define social darwinism

Answer 32

Based on charles darwin's theory of biological evolution

Question 33

What was the name of John D. Rockefeller's company

Answer 33

Standard Oil Company

Question 34

The standard oil company owned 2/3 of crude oil in US true or false

Answer 34

True

Question 35

Describe the Sherman antitrust act

Answer 35

It made it illegal to form a trust that interfered with trade between states and countries. But the active not clearly defined would trust was so hard to enforce

Question 36

List five things that Thomas Edison did

Answer 36

Perfected the incandescent lightbulb, invented the phonograph, as that was the first electric power plant, the motion picture camera, the first research lab

Question 37

The airbrake for railroad cars was invented by whom

Answer 37

George Westinghouse

Question 38

Who is Granville woods

Answer 38

35 devices vital to electronic/communications such as the automatic circuit breaker electromagnetic break, etc. aka the black edison

Question 39

Henry Bessemer invented what

Answer 39

The Bessemer process

Question 40

What is the transatlantic cable

Answer 40

Underwater cable

Question 41

Who was Henry Ford

Answer 41

Electrical engineer, A stab Lish the Ford Motor Company, use the assembly line in his company which made cars one fourth of the price is it was 10 years earlier, also use the five dollar day plan so that workers could afford to buy his cars

Question 42

Why are the DuPont's important

Answer 42

They played a major role in the chemical industry. Manufactured gunpowder and had a monopoly in the industry. Broaden the horizons into fertilizers and dies and etc.

Question 43

Who was James Duke

Answer 43

The owner of a North Carolina tobacco company. Also licensed the bond sex machine. His tobacco company was a global success

Question 44

Christopher Shoals invented what

Answer 44

The typewriter

Question 45

These prevented spoilage and fresh meat milk etc.

Answer 45

Tin cans

Question 46

These made it possible to ship perishables greater distances and preserve them for longer periods of time

Answer 46

Railroad refrigerator cars

Question 47

Chinese exclusion act was in what year?

Answer 47

1882

Question 48

What is vertical integration

Answer 48

Owning all the steps in the production process of a good

Question 49

What is horizontal integration

Answer 49

Owning all of the competition

Question 50

What is a holding company

Answer 50

Company created to Byam possess the shares of other companies which it then controls

Question 51

Who was Andrew Carnegie

Answer 51

Founder of the Carnegie steel company that used the bessemer process and also practiced vertical integration

Question 52

Who was John D Rockefeller

Answer 52

Founder of the standard oil company and also had a monopoly on the oil industry

Question 53

What was the Homestead strike

Answer 53

And AFL affiliated union protest against the current steel company. Henry see for hired Pinkertons to fight the union a bloody 12 hour long battle occurred the Pinkerton surrendered. Occurred in 1892

Question 54

When was the Homestead strike

Answer 54

1892

Question 55

What was the Pullman strike

Answer 55

Workers at the Pullman Palace car company protested against the policies in Pullman's town workers went on strike which made pullman close the factory. Workers refused to handle any trains with the Pullman car attached to it which interfered with the distribution of mail. The National Guard was then sent in

Question 56

Who was Jacob Riis

Answer 56

The journalist and reformist

Question 57

Who was Cornelius Vanderbilt

Answer 57

One of the 400 in Newport who had a huge summer home

Question 58

What was the weekly wage for women and children during the Gilded Age

Answer 58

At lowest around a dollar and $.56 per week

Question 59

What was the weekly wage for men during the gilded age

Answer 59

Roughly about seven to $10 per week

Question 60

How many workers were killed during the triangle shirt waist factory fire

Answer 60

146

Question 61

Where was the triangle shirt waist factory fire located

Answer 61

New York City

Question 62

A majority of the workers at the triangle shirt waist company were what

Answer 62

Teenage immigrant girls

Question 63

According to John Green there were ____________ industrial deaths each year during the Gilded Age

Answer 63

300,000

Question 64

The Knights of Labor allowed ________ and ________ workers as well as women, immigrants, African Americans, however excluded the _________

Answer 64

Skilled and unskilled workers. Excluded the chinese

Question 65

The American Federation of Labor allowed ________ workers but excluded Women, blacks, unskilled laborers, etc

Answer 65

Skilled

Question 66

Industrial Workers of the World(IWW) allowed all laborers of all races who were excluded from craft unions true or false

Answer 66

True

Question 67

Name an example of an universal union

Answer 67

Knights of Labor

Question 68

Name an example of an industrywide union

Answer 68

ILGWU(International Ladies Garment Workers Union)

Question 69

List a craft union

Answer 69

AFL(American Federation of Labor)

Question 70

Give an example of a socialist union

Answer 70

IWW(Industrial workers of the World)