Monopolies/Strikes/Inventions

Question 1

Who created the telegraph?

Answer 1

Sammy Morse

Question 2

Who created the phonograph?

Answer 2

Thomas Edison

Question 3

Who created the telephone?

Answer 3

Alexander Graham

Question 4

Who created the kodak photograph?

Answer 4

George Kodak

Question 5

Definition: Money invested to start a business

Answer 5

Capital

Question 6

Definition: A business in which many investors share parts in it

Answer 6

Corporation

Question 7

Definition: Part of profit

Answer 7

Dividend

Question 8

Definition: Having complete control over a particular field-> allows a company to raise the price at any level

Answer 8

Monopoly

Question 9

Definition: A corporation that owns a group of unrelated companies

Answer 9

Mergers

Question 10

Definition: Competing companies agreed to fix prices and divide businesses

Answer 10

Pools

Question 11

Definition: A group of preparations in the same field who agree to combine under a board of trustees

Answer 11

Trusts

Question 12

Definition: Companies that buy controlling amounts of stock in a company

Answer 12

Holding Companies

Question 13

Who was Andrew Carnegie? What is the name of his company?

Answer 13

Big business man who controlled all aspects of steel making. The name of his company is Carnegie Steels

Question 14

Who was Rockefeller?

Answer 14

Big business man who controlled all oil in the northeast

Question 15

What was the Standard Oil Trust?

Answer 15

Rockefeller’s oil company in which he controlled almost all aspects of oil production

Question 16

Who was JP Morgan? What did he do/ What is he most known for?

Answer 16

JP Morgan was the big businessman of banks, insurance companies, and computer companies. He made his way to the top by loaning growing businesses money. (think Chase Bank)

Question 17

Who was Henry Ford? What is he most known for?

Answer 17

Henry Ford mass produced cars- he did this by inventing the assembly line, which he is most known for

Question 18

What is laissez faire?

Answer 18

Capitalist economy in which there is little to no government regulation, meaning the government does not control businesses

Question 19

What was the “Gospel of Wealth”?

Answer 19

Donations, hard work, and luck

Question 20

What was the Munn vs. Illinois case and why is it important?

Answer 20

A U.S Supreme Court case in which it was declared that state governments had the power to regulate certain businesses within their borders, including railroads

Question 21

What was the Interstate Commerce Act?

Answer 21

Made to regulate the railroad industry and break up its monopolistic practices, meaning individuals could not regulate trade between the states

Question 22

What was the Sherman Anti Trust Act?

Answer 22

prohibited monopolies by declaring any business combinations or trusts

Question 23

What is the Yellow Dog Contract?

Answer 23

An agreement that states workers could not join the union

Question 24

What is collective bargaining?

Answer 24

Union members present and negotiate worker contracts

Question 25

Who formed the Knights of Labor and what did they believe?

Answer 25

Formed by Terrence Powderly, they believed that child labor and 8 hour work days should be stopped

Question 26

What was the American Federation of Labor?

Answer 26

Formed by Samuel Gompers, they focused on skilled workers; their goals were higher wages, shorter hours and better conditions

Question 27

What was the International Ladies Garment Workers Union?

Answer 27

They held a strike and then became part of the AFL. They were also one of the first primarily all women group

Question 28

What were the Industrial Workers of the World?

Answer 28

Known as the Wobblies, they disliked the AFL because of their acceptance of capitalism and disregard for unskilled workers. They focus on gaining better conditions for unskilled workers

Question 29

What was the Great Railway Strike?

Answer 29

In 1877, a series of pay cuts for railroad workers led to a strike that spread across several states.

Question 30

What was the Haymarket Riot?

Answer 30

A bomb blast and riot left many people dead in Chicago by a labor rally

Question 31

What was the Homestead Strike?

Answer 31

Union members at Carnegie Steel went on a strike to protest a wage cut, violence erupted and 16 people were killed

Question 32

What was the Pullman Strike?

Answer 32

President Cleaveland sent federal troops to end the strike. His action confirmed that the beliefs that the government favored the interest of businesses over labor