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Noble Test Review
| Question | Answer |
|---|---|
| What was the Gilded Age? | A time after the Civil War when America grew rich and powerful, but had lots of corruption and poverty. |
| Who were the “Captains of Industry” or “Robber Barons”? | Rich business leaders like Vanderbilt, Carnegie, Rockefeller, and J.P. Morgan. |
| What is capitalism? | An economic system where people own businesses, property, and compete freely. |
| What did Cornelius Vanderbilt control? | Railroads. |
| Why were railroads important? | They connected the country and made travel and shipping much faster. |
| What is a monopoly? | When one company controls an entire industry. |
| What did Andrew Carnegie make? | Steel. |
| What did John D. Rockefeller control? | Oil (Standard Oil). |
| What is horizontal integration? | Buying out all your competitors in an industry. |
| What is vertical integration? | Owning all steps in making a product, from raw materials to sales. |
| What is a trust? | A group of companies run by the same people to control prices. |
| What did J.P. Morgan do? | Banking and buying companies (like steel and electricity). |
| What were working conditions like? | Long hours, low pay, dangerous, no benefits. |
| What is a labor union? | Workers joining together to get better pay and conditions. |
| What was a big labor strike? | The Great Railroad Strike of 1877. |
| What is the Sherman Antitrust Act? | A law to stop monopolies and trusts. |
| What caused the Great Depression? | The stock market crash of 1929. |
| What happened on Black Thursday? | Stock prices dropped suddenly, and many people lost money. |
| What is a bank run? | When lots of people try to take their money out of banks at once. |
| What were “Hoovervilles”? | Shacks where homeless people lived during the Depression. |
| How high did unemployment get? | 1 out of every 4 workers lost their job (25%). |
| What were “Breadlines” and “Soup Kitchens”? | Places where people waited for free food. |
| Who created the New Deal? | President Franklin D. Roosevelt (FDR). |
| What were the three goals of the New Deal? | Relief (help now), Recovery (fix the economy), Reform (prevent future problems). |
| What did the Emergency Banking Act do? | Closed all banks, reopened only the safe ones. |
| What is the FDIC? | It protects your money in the bank. |
| What did the CCC do? | Gave young men jobs working outdoors. |
| What did Social Security provide? | Money for retired people and the unemployed. |
| Why did some people dislike the New Deal? | Some thought it did too much, others thought it did too little. |
| What was FDR’s “court packing” plan? | He tried to add more judges to the Supreme Court to help his programs. |
| What is laissez-faire? | The idea that government should not interfere with business. |
| What was the Granger Movement? | Farmers organizing to fight unfair railroad prices. |
| What did the Supreme Court decide in Munn v. Illinois? | States can regulate businesses that affect the public, like railroads. |
| What was the Wabash vs. Illinois case about? | Only Congress can control trade between states. |
| What is urbanization? | More people moving to cities. |
| What is the Bessemer Process? | A way to make steel cheaply and quickly. |
| What did the American Federation of Labor (AFL) focus on? | Better pay, safer workplaces, and shorter hours. |
| Who led the AFL? | Samuel Gompers. |
| What was the Homestead Strike? | A violent labor strike at Carnegie’s steel plant. |
| What was the Pullman Strike? | A nationwide railroad strike started by workers at the Pullman Company. |
| Who was Eugene V. Debs? | Leader of the American Railway Union; led the Pullman Strike. |
| Why did banks fail during the Great Depression? | Too many people took out their money at once. |
| What was President Hoover’s approach to the Depression? | He wanted charities to help, not the government. |
| What happened to families during the Depression? | Many lost homes, split up, and struggled to find food. |
| What did the Glass-Steagall Act do? | Made banks safer and created the FDIC. |
| What did the Securities Act of 1933 do? | Made companies tell the truth about their finances. |
| What was the FHA (Federal Housing Administration)? | Helped people get home loans. |
| What was the AAA (Agricultural Adjustment Administration)? | Paid farmers to grow less so prices would go up. |
| What did the PWA (Public Works Administration) build? | Roads, bridges, schools, and other big public projects. |
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