Economics

Question 1

Bessemer technique

Answer 1

Improve speed and efficiency of steel and iron production

Question 2

Robber barons

Answer 2

Carnegie steel
Vanderbilt railroads
Rockerfeller oil
Morgan finance

Question 3

Monopolies

Answer 3

Carnegie and trick bought up rivals and controlled steel process from mine to market = eliminate competition

Question 4

Monopolies resulted in

Answer 4

Artificially high prices and recessions 1873

Question 5

Increase in use of women

Answer 5

Due to less need for skilled labour, women and children paid less

Question 6

Did standard of living rise

Answer 6

Yes but gap between rich and poor grew

Question 7

Rockefeller

Answer 7

Horizontal and vertical intergration led to 90% owned by h

Question 8

Too much competition could lead to

Answer 8

Instability

Question 9

1900 corps to manufacture ratio

Answer 9

1%-33%

Question 10

Knights of labour achieved

Answer 10

8 hour workday, end of child labour

Question 11

American federation of labour

Answer 11

Set up in 1880s

Question 12

Pullman strike

Answer 12

1894 Pullman cut wages sent 2000 troops

Question 13

Haymarket square bombing

Answer 13

Strikers and police violence, anarchism feared by middle class

Question 14

Why did unions fail

Answer 14

Labour organisations represented small % of work force= ethnic tensions and immigraint workers didn’t believe part of working class