Unit 5: Rise of Industrial America

Question 1

This new industry became the economic engine that united the country, promoted economic growth, allowed for the development of a national market, brought new settlers, stimulated the development of new towns, and provided farmers access to markets

Answer 1

Railroad

Question 2

The practices caused the “rise” of corporations in the late 19th century

Answer 2

Monopoly and corporate mergers

Question 3

Asked the government to protect the rights of business owners against labor and called for high tariffs to protect their monopolies

Answer 3

Management

Question 4

Used horizontal integration, as well as kickbacks, rebates, trusts, and holding companies in order to gain control of the oil refining industry

Answer 4

John D. Rockefeller

Question 5

Used by Andrew Carnegie to monopolize the steel industry

Answer 5

Vertical Integration

Question 6

Idea that Darwin’s theory of “survival of the fittest” applied to people and society

Answer 6

Social Darwinism

Question 7

The government’s first attempt to regulate businesses and end monopolies came through this legislative act

Answer 7

Sherman Anti-Trust Act

Question 8

Carnegie’s idea that captains of industry should use their wealth for the good of society by funding libraries and universities

Answer 8

Gospel of Wealth

Question 9

Businesses advocated that the government should take this approach to regulating industry

Answer 9

Laissez-faire

Question 10

Deflation and mass production lowered the price of goods and allowed more Americans to experience an economic shift

Answer 10

rise in the standard of living

Question 11

Land, labor, capital, technology, entrepreneurship

Answer 11

factors of production

Question 12

Financing railroads, providing free land to settlers, removing Native Americans, open immigration, tariffs, expansion of international markets (imperialism)

Answer 12

government actions promoting economic growth