Chapter 12 Test

Question 1

Where and when was golden spike placed for the Transcontinental Railroad

Answer 1

May 10, 1869-Promontory Point, Utah

Question 2

What 2 companies began building the transcontinental railroad?

Answer 2

Union Pacific and Central Pacific

Question 3

What were the three things Cornelius Vanderbilt did?

Answer 3

1. He merged 3 railroads from New York City to Buffalo
2. Had enough rail for a direct route to Chicago
3. Started building Grand Central Station

Question 4

What set up four US time zones?

Answer 4

The American Railway Association

Question 5

an American capitalist of the latter part of the 19th century who became wealthy through exploitation

Answer 5

Robber baron

Question 6

a business leader whose means of amassing a personal fortune contributes positively to the country in some way

Answer 6

Captain of Industry

Question 7

What caused the Credit mobilier Scandal?

Answer 7

Investors acting for both Union Pacific and Credit Mobilier used inflated bids to build railroads

Question 8

Where did the money for the Credit Mobilier Scandal come from?

Answer 8

Government and high-stake investors

Question 9

The cost of manufacturing goods is decreased by producing goods quickly and in larger amounts, when a company decreases cost but increases production.

Answer 9

Economy of scale

Question 10

What were some events of Carnegie’s personal business life?

Answer 10

Born in Scotland
First job was in a cotton factory making $1.20 per week.
Used consolidation to control the Steel industry.
He gave away of $350 million in philanthropy

Question 11

What were the terms of Carnegie’s Gospel of Wealth?

Answer 11

Believed that “people should be free to make as much money as they can. After they make it they should give it away.”
Believed that wealth shouldn’t be left to heirs.
Believed that wealth should be distributed before you die.
Believed that it was for the rich to give to the poor through philanthropy

Question 12

Social Darwinsim

Answer 12

Applied Darwin’s theory of natural selection to the struggle between workers and employers.
Society should do as little as possible to interfere with whether or not people fail or succeed

Question 13

What are the points of the Circle of Wealth?

Answer 13

The poor can use the instructions set up for the rich to improve their status, possible become one of the richer themselves. This continues the circle of wealth.
The rich give money through philanthropy. This is directed at helping the poor better themselves and therefore society

Question 14

consolidation; occurs when a company controls all of the means of production for a particular product, this allows an economy of scale to be developed

Answer 14

Vertical Integration

Question 15

occurs when a company merges with or takes over another company in the same industry

Answer 15

Horizontal Consolidation

Question 16

If one company that merges with or takes over all of the companies in the same industry, this is considered what?

Answer 16

Monopoly

Question 17

When is a monopoly determined?

Answer 17

when there is no competition for a product due to consolidation of the industry.

Question 18

A legal arrangement that allows for one person to manage another person’s property.
The manager is called a trustee

Answer 18

Trust

Question 19

Owns enough stock of companies that it controls the company

Answer 19

Holding company

Question 20

workers negotiate as a group with owners

Answer 20

collective bargaining

Question 21

a list of people who Industrialists wouldn’t hire

Answer 21

blacklist

Question 22

strike breaker who replace striking workers

Answer 22

scab

Question 23

formal court order for strikers to go back to work

Answer 23

injunction

Question 24

private police force-known for breaking strikes

Answer 24

Pinkerton

Question 25

only union workers can be hired here

Answer 25

Closed shop

Question 26

Attempt to make things better for workers
Better pay, working conditions, regulation of hours, other benefits
Power in numbers

Answer 26

Trade Union

Question 27

economic and political philosophy that advocated collective or government ownership of factories and property

Answer 27

Socialism

Question 28

no need for the state, classless society

anarchist-oppose all government

Answer 28

Communism

Question 29

called “wobblies”, all workers in a single Union
Power of the strike is the only true power of the workers, Included women, immigrants, and blacks, Heavily persecuted during World War I

Answer 29

Industrial Workers of the World

Question 30

Skilled labor
Wanted to achieve worker demands without challenging rights of owners
No blacks, immigrants, or Chinese

Answer 30

American federation of Labor

Question 31

Describe the Homestead Strike.

Answer 31

1892-Homestead, PA

1. Carnegie owned steel mill
2. Carnegie is overseas
3. Henry Clay Frick is in charge of the Mill
4. Frick decides to cut wages by 20%
5. Frick locks out the workers and sends in the Pinkertons
6. Violence erupted between the workers and Pinkertons
7. PA Governor sent in the militia
8. The strike fell apart
9. Carnegie refused to negotiate with any unions from that point.

Question 32

anarchist

Answer 32

opposes all government

Question 33

1869-Philadelphia, group that wanted to united workers under one Union, 8 Hour work day, end child labor, equal pay, Hated Chinese

Answer 33

Knights of Labor