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HS USH Ch 9 Sec 1&2
Vocabulary
| Question | Answer |
|---|---|
| A nation's ____ is the total value of all goods and services it produces during a year. | gross national product |
| ___ are people who risk their capital in organizing and running a business | entrepreneurs |
| The __ motive, or hope to make money, attracted people of high ability and ambition into business | profit |
| Scandals created the impression that railroad entrepreneurs were __, or people who looted an industry and gave nothing back. | robber barons |
| The __ Railroad was the only railroad that was not eventually forced into bankruptcy. | Great Northern |
| Because of a shortage of labor in California, the Central Pacific Railroad hired about 10,000 workers from | China |
| Credit Mobilier was a ___ company that greatly overcharged Union Pacific for the work it did, and since the same investors controlled both companies, the railroad agreed to pay the inflated bills. | construction |
| Railroad ___ proceeded rapidly from the end of the Civil War to 1900, with large rail lines taking over about 400 smaller railroads,and eventually seven giant systems controlling most rail traffic. | consolidation |
| To convince _____ to give Northern Pacific more grants after inflated costs of Credit Mobilier, Oakes Ames (also a member of ____ and stockholder) gave other members of ____ shares in the Union Pacific at a price well below market value. | Congress |
| The Credit Mobilier scandal was exposed during the ___ of 1872. | election |
| To encourage railroad construction, the federal government gave land ___ to many railroad companies, first through individual states, and after teh Railway Act of 1862 and 1864 to the railroad companies directly. | grants |
| The Credit Mobilier scandal provided sensational newspaper headlines and created the impression that all railroad entrepreneurs were ____ barons--people who loot an industry and give nothing back. | robber |
| began the railroad boom | Pacific Railway Act |
| changed bobbins without stopping | Northrop automatic loom |
| enabled longer and heavier trains | air brakes |
| "Let people do as they choose." | laissez-faire |
| set up Menlo Park | Thomas Alva Edison |
| practiced "insider trading" | Jay Gould |
| "Come here, Watson, I want you." | Alexander Graham Bell |
| began the first direct rail service from New York City to Chicago | Cornelius Vanderbuilt |
| drilled the first oil well | Edwin Drake |
| people who risk their capital in organizing and running a business | entrepreneurs |
| the total value of all goods and services produced by a country | gross national product |
| act that reversed years of declining tariffs | Morrill Tariff |
| "let do," a French phrase meaning "let people do as they choose" | laissez-faire |
| resource that could be turned into kerosene | petroleum |
| one of the most famous and successful railroad consolidators | Cornelius Vanderbuilt |
| regions where the same time is kept | time zones |
| used information he received as a railroad owner to manipulate stock prices to his benefit | Jay Gould |
| built the Great Northern Railroad | James J. Hill |
| given to the railroad companies by the government to encourage railroad construction | land grants |
Created by:
Miss Brown