Chapter 4 Terms Quiz

Question 1

entrepreneur

Answer 1

Person who invests money in a product or business with the goals of making a profit

Question 2

protective tariff

Answer 2

Tax on imported goods making the price high enough to protect domestic goods from foreign competition

Question 3

laissez faire

Answer 3

Absence of government control over personal business

Question 4

Thomas Edison

Answer 4

Invented the light bulb in 188-

Question 5

Bessemer Process

Answer 5

Method developed in the mid 1800s to mass produce steel

Question 6

Suspension Bridge

Answer 6

Bridge that has a roadway suspended by cables

Question 7

Mass production

Answer 7

Production of goods in large quantities through the use of machinery and assembly lines

Question 8

Corporation

Answer 8

Company recognized as a legal unit that has rights and liabilities separate from each of its members

Question 9

Monopoly

Answer 9

Exclusive control over an entire industry by one business

Question 10

Cartel

Answer 10

Association of producers of a good or service that prices and controls stocks in order to monopolize the market

Question 11

John D. Rockefeller

Answer 11

A philanthropist who pioneered new techniques for organizing the oil industry to create a more stable business environment

Question 12

Horizontal integration

Answer 12

System of consolidation many firms in the same business

Question 13

Trust

Answer 13

Group of separate companies that are placed under the control of a single managing board in order to form a monopoly

Question 14

Pullman strike

Answer 14

Violent 1894 railway workers strike which began outside of Chicago and spread nationwide

Question 15

Andrew Carnegie

Answer 15

Steel tycoon who used vertical integration to increase power and gain control of many different businesses

Question 16

Vertical Integration

Answer 16

System of consolidating firms involved in all steps of a products manufacture

Question 17

Social Darwinism

Answer 17

The belief held by some in the late nineteenth century that certain nations and races were superior to others and therefore were destined to rule over them

Question 18

Sherman antitrust act

Answer 18

1890 law banning any trust that restrained interstate trade or commerce

Question 19

ICC

Answer 19

First federal agency monitoring business operations, created in 1887 to oversee interstate railroad procedures

Question 20

Sweatshop

Answer 20

Small factory where employees have to work long hours under more conditions for little pay

Question 21

Collective Bargaining

Answer 21

process in which employers negotiate with labor unions about hours, wages, and other working conditions

Question 21

Socialism

Answer 21

System of theory under which the means of production are publicly controlled and regulated rather than owned by individuals

Question 22

Knights of labor

Answer 22

Labor union that sought to organize all workers and focused on broad social reforms

Question 22

Samuel Gompers

Answer 22

Poor English immigrant who formed the American Federation of Labor in 1886

Question 23

AFL

Answer 23

Labor union that organized skilled workers in specific trades and made small demands rather than seeking broad changes

Question 24

Haymarket Riot

Answer 24

1886 labor related protest in Chicago when ended in deadly violence

Question 25

Homestead Strike

Answer 25

1892 strike against Carnegie's steelworks in Homestead, Pennsylvania

Question 25

Eugene V. Debs

Answer 25

Leader of the American Railway Union who condemned the railroad strike of 1877