am. history ch4s1

industrial growth

In the Gilded Age, which economic concept did supporters of laissez-faire value the most?

It helped bring about a change in attitude about the laissez-faire economic doctrine.

The Interstate Commerce Act had which long-term effect?

promote continued industrial growth in the United States

The main purpose of the McKinley Tariff of 1890 was to

For whom to produce?

Three Fundamental Questions of Economics Which question replaces the question mark in the list above?

They both dedicated some of their wealth to improving society.

What did Andrew Carnegie and John D. Rockefeller have in common?

enforcing laws that prevent businesses from establishing monopolies

Which action best illustrates the government's responsibility to preserve competition in the marketplace?

competition between businesses to make money

Which form of competition drives production decisions in a market-based economy?

Sherman Antitrust Act

Which government action was designed to correct the problem described in the cartoon?

the basic laws of supply and demand

Which is central to the operations of a market-based economy?

which crops to grow on the available farmland

Which issue is an example of a choice that scarcity forces people to make?

It failed to effectively regulate the railroad industry.

Which statement best describes the Interstate Commerce Commission (ICC)?

to form organizations that allowed them to avoid laws against monopolies

Which was the main reason why business owners in the late 1800s and early 1900s began to establish trusts?