Chapter 24

Question 1

Trust

Answer 1

A mechanism by which one company grants control over its operations, through ownership of its stock, to another company.

Question 2

Syndicate

Answer 2

An association of financiers organized to carry out projects requiring very large amounts of capital.

Question 3

Patrician

Answer 3

Characterized by noble or high social ranking.

Question 4

Social Darwinist

Answer 4

Believers in the idea, popular in the late 19th century, that people gained wealth by “survival of the fittest.”

Question 5

Socialists

Answer 5

Those who hold the political belief in promoting social and economic equality thought the ownership and control of the major means of production by the whole community rather than by individuals or corporations.

Question 6

Lockout

Answer 6

The refusal by an employer to allow employees to work unless they agree to his or her terms.

Question 7

Anarchists

Answer 7

Those who hold the political belief that all organized, coercive government is wrong in principle and the that society should be organized solely on the basis of free cooperation.

Question 8

Thomas Alva Edison

Answer 8

Made the electric lightbulb

Question 9

Andrew Carnegie

Answer 9

Made the Bessemer process of making steel cheap and efficient.

Question 10

John D. Rockefeller

Answer 10

Owned the biggest monopoly of oil in the country.

Question 11

Samuel Gompers

Answer 11

Jewish cigar maker, that made the American Federation of Labor.

Question 12

Free Enterprise

Answer 12

An economic system that permits unrestricted entrepreneurial business activity; capitalism