Industrialization and Urbanization

CitiesLazyFairsYepCows

Question Laissez-faire relies on what to regulate prices and wages?

Answer 1 – 10 Supply and demand

Question During the early days of industrialization, many members of Congress believed that tariffs were necessary to?

Answer 1 – 20 Protect American industries from foreign competition

Question “Economies of Scale” refers to a companies ability to do what?

Answer 1 – 30 Lower costs and increase production

Question A steel company that owns the coal mines, limestone quarries, and iron ore fields it depends on is an example of?

Answer 1 – 40 Vertical Integration

Question In the late 1800’s, confusion about deflation led to angry workers because?

Answer 1 – 50 Workers were getting paid less but they didn’t realize that their money was worth more because of lower prices

Question Supporters of pure laissez-faire believed the government should interfere in the economy only to?

Answer 2 – 10 Protect property rights and maintain peace

Question It made sense for big corporations to continue operating during poor economic times because?

Answer 2 – 20 Their operating costs were small, compared to their fixed costs

Question When a single company achieves control of an entire market, it is known as?

Answer 2 – 30 A Monopoly

Question What was the technique for breaking a union in which the company refused to allow workers to enter their property?

Answer 2 – 40 Lockouts

Question By the 1800’s, more than half of all immigrants (the “New Immigrants”) in the United States were from?

Answer 2 – 50 Eastern and Southern Europe

Question Many labor unions opposed immigration, arguing that immigrants would?

Answer 3 – 10 Would work for low wages and take jobs

Question William M. Tweed was?

Answer 3 – 20 The party boss of the Tammany Hall political machine

Question What was the philosophy that Americans with a great deal of money should use it to help people who are motivated to improve their lives?

Answer 3 – 30 Gospel of Wealth

Question Nativists wanted to?

Answer 3 – 40 Limit or cut off immigration

Question Subway systems were first developed to?

Answer 3 – 50 Relieve congestion on city streets

Question Political machines provided new city dwellers with necessities such as jobs, housing and police protection in exchange for?

Answer 4 – 10 Votes

Question Individualism was the belief that?

Answer 4 – 20 People can rise as far as their talents will take them and be successful

Question What philosophy stated that society became stronger by allowing people and businesses to fail, therefore the government/society shouldn’t help failing businesses or people in poverty?

Answer 4 – 30 Social Darwinism

Question The total value of all goods and services that a country produces is its?

Answer 4 – 40 Gross National Product

Question What is the purpose of starting a corporation instead of a private business?

Answer 4 – 50 Allows companies to raise large amounts of capital while spreading out the financial risk among many stock holders.

Question What advantages did big corporations have over small businesses?

Answer 5 – 10 They could produce more goods, cheaply and efficiently

Question When a union called a strike, employers would often hire replacements, called?

Answer 5 – 20 Strikebreakers

Question Employers generally viewed unions as?

Answer 5 – 30 An attempt to interfere with production and illegal

Question The Knights of Labor suffered a steady decline in membership and influence due to unsuccessful strikes and?

Answer 5 – 40 Violence associated with unions

Question John D. Rockefeller made his fortune in what industry?

Answer 5 – 50 Oil