Chapter 13 “The Triumph of Industry” Section 2 “The Rise of Big

Chapter 13 “The Triumph of Industry” Section 2 “The Rise of Big Business” Review

1. suggested that those who had great wealth were entitled to it.

Social Darwinism

2 A corporation that gains complete control of a product or a service is a

monopoly

3. Steel tycoon established libraries in part to help the disadvantaged rise in society.

Andrew Carnegie

4. was an oil tycoon who used horizontal integration to increase profits.

John D. Rockefeller

5. The outlawed any trust that operated “in restraint of trade.”

Sherman Anti-trust Act

6. In a(n) , a number of people share ownership of a business

corporation

7. In which system does one company control the businesses that make up all phases of a product’s development? A) vertical integration B) trust C) cartel D) horizontal integration

A) vertical integration

8 The ICC was formed to A) B) C) D) regulate communications control interstate commerce make new transportation laws. oversee railroad operations.

D) oversee railroad operations.

9 Which argument supports the perception of big business leaders as “captains of industry”? A) Workers’ wages rose as industrialists profited. B) Industrialists’ support for technology benefited the economy C) Consumers were harmed by inflated prices D) Monopolies forced small companies out business.

B) Industrialists’ support for technology benefited the economy

10. Corporations had the important advantage of A) B) C) D) keeping prices high developing into monopolies reducing the financial risk for individual investors. being run by an individual or a family.

C) reducing the financial risk for individual investors.

11. A cartel differs from a monopoly in that A) one corporation has complete control of a product or service. B) businesses making the same product agree to limit production. C) one firm sets the prices for all goods in an industry. D) all the firms involved in the same business merge into one entity.

D) all the firms involved in the same business merge into one entity.

12. Cartels, monopolies, trusts, and horizontal and vertical integration all share the goal of A) driving up costs. B) raising wages. C) increasing profits. D) combining resources.

C) increasing profits.

13. Horizontal integration differs from vertical integration in that it A) combines businesses involved in all phases of a product’s development B) merges stocks from multiple businesses into a new organization. C) consolidates firms involved in the same business into one giant company D) requires investment from a number of people who share ownership in the firm.

C) consolidates firms involved in the same business into one giant company

14. The federal government formed the Interstate Commerce Commission to oversee A) B) C) D) labor union activity. interstate communications. patent awards. railroad operations across the nation.

D) railroad operations across the nation.