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Chapter 3

Industrialization

QuestionAnswer
Railroad companies raised most of the money that they needed to build their railroads from selling government land grants
By the early 1900s, American had transformed the United States into the world's leading industrial nation
Workers who tried to organize a union or strike were often fired and placed on a list of "troublemakers" called the blacklist
A steel company that owns the coal mines, limestone quarries, and iron ore fields it depends on is an example of vertical integration
Economies of scale resulted in lower costs and increased production
Supporters of laissez-faire believed the government should interfere in the economy only to protect property rights and maintain peace
Construction of the Union Pacific Railroad pushed west from Omaha, Nebraska
The Great Northern became the most successful transcontinental railroad in part because of its founder's good decisions and honest business practices.
Agreements among companies to keep prices at a certain level were known as pools
___ was equally as important as natural resources in the nation's rapid industrialization increased population
The railroad boom began in 1862 when President Abraham Lincoln signed the Pacific Railway Act
By linking the nation, railroads helped increase the size of markets for Products
N.W. Ayer and Son developed bold new formats for advertising
What incident occurred in 1886 that badly hurt the Knights of Labor's reputation? Haymarket Riot
As the nation was industrializing, Congress used tariffs to help American industries compete with European manufacturers.
A person who manages another person's property is called a ____ trustee
Prices of many products increased as the United States became an industrial nation False
Before the Civil War, most railroads had been built to promote specific cities or to serve local needs true
To encourage railroad construction across the Great Plains, the federal government gave free steel to many railroad companies. False
Andrew Carnegie founded a steel company in Pittsburgh, Pennsylvania, in 1875 true
Issuing stock to stockholders allows a corporation to raise large amounts of money for big projects while spreading out the financial risk. True
Business pools would break apart when one member cut prices to steal market share from another. true
The Knights of Labor called for a twelve-hour workday and a government bureau of labor statistics. false
The American Federation of Labor was the first nationwide union false
Some labor supporter who were anarchists believed that society did not need any government
Who invented the telephone, which revolutionized both business and personal communication Alexander Graham Bell
The first nationwide labor protest was the Great Railroad Strike
A ____ was a technique for breaking a union through which the company refused to allow workers onto their property. lockout
Employers generally viewed unions as conspiracies that interfered with property
Most unions in the late 1800s excluded women. True
In the late 1800s, workers' buying power generally decreased. false
Some labor supporters were anarchists, who believed society did not need any government. true
Even before the invention of the automobile, petroleum was in high demand because it could be turned into kerosene
Laissez-faire relies on___ to regulate prices and wages supply and demand
During the early days of industrialization, many members of Congress believed that tariffs were necessary to protect new industries from foreign competition
What is one advantage that big corporations had over small business? they could produce goods more cheaply and efficiently
The total value of all goods and services that a country produces gross national product
Created by: Lilmonkey2014