Lifepac History 1007 self tests

Smith

"The Father of Economics", developed the laissez-policy.

Marx

A German who helped found communism, wrote the Communist Manifesto and Das Kapital.

Wright

Airplane

Socialism

Any of a number of economic and political theories advocating collective or governmental ownership of the means of production and distribution of goods.

Ford

Assembly-Line Production

Fulton

Assembly-Line Production, The Clermont (Steamship)

Stockholders

Businessmen who invested capital in exchange for a share of the profits made and elected corporation officials.

The disadvantages of factory life were endured largely by who?

Common Workers

What did Field, Bell, and Morse all develop great improvements in?

Communication

Federal Trade Commission

Controlled Corporation Practices

What was the name of the United States' first national road?

Cumberland Road

What are the two groups of factory employees?

Directors and Workers

How did the Industrial Revolution affect distribution?

Distribution was sped up because steam locomotives and improved road building provided a faster and safer way of transportation.

Communists believe in the seizure of _________ power by force.

Economic or Political

Which European nation was taking the lead in industry?

England

What factors improved the conditions of the factory workers?

Factors that improved the working conditions of factory workers were labor improvement laws, labor unions, and books by Dickens and Disraeli.

Labor unions gave a voice against employer abuse to who?

Factory Workers

By the early 1900s in the US, the New England and Middle Atlantic states led in manufacturing.

False

Factory workers were unskilled laborers.

False

Lumber and textiles were the top ranking U.S industries by the 1900s.

False

Nations import their surplus goods in order to export needed items.

False

The Bible was the first book to be printed on Hargreaves' press.

False

The Embargo Act of 1807 hindered manufacturing in the US.

False

Wars and corporations hindered the growth of industry in the United States.

False

Kay

Flying Shuttle

What did tariffs raise the price on to balance the economy?

Imported Goods

McAdam

Improved Road Construction

At the time of the Civil War, the Northern economy was __________ but the Southern economy was largely _________.

Industrial, Agricultural

What was the deciding factor of the North's victory in the Civil War?

Industry

Standardized Parts

Interchangeable Parts

What are the two raw materials needed by industry?

Iron and Coal

What advantages did the steam engine bring to industry?

It allowed factories to be built away from water and sped up distribution.

What did the age of the machine do?

It decreased unemployment, improved the economy, and stifled the common man.

How has the Industrial Revolution affected the world's economy?

It has raised the world's economy, increased the standard of living compared to previous centuries, boosted world trade, made nations dependent upon each other, and sped up distribution.

How did the Industrial Revolution affect production?

It increased production and made more products, quicker due to developments that had been created.

What did the system of standardized parts do?

It made it possible to replace broken or worn parts instead of replacing the whole product.

How did the Industrial Revolution affect trade?

It revved up trade, increased production of goods, and it increased demands for large-scale and wide-spread distribution.

Edison

Light Bulb

High taxes and robbers threatened trade during the _________.

Middle Ages

What did corporations find success in?

Modernized machinery, superior production methods, and disciplined organization and management.

Collective Bargaining

Negotiations between an employer and union representatives concerning wages, hours, and working conditions.

Who were the main investors in the early industry of the US?

New England Businessmen

Drake

Oil Well

Gutenberg

Printing Press

What improvements did the Industrial Revolution bring to the textile and the iron industries?

Production increased in the textile industry with the flying shuttle, spinning jenny, and cotton gin. The iron industry improved with developments of coke use, blast furnaces and lighter steel.

McCormick

Reaping Machine

The Crusades

Revived interest in travel and trade.

What basic requirements are needed for industrial growth of a nation?

Rich natural resources, many workers, and sufficient investment capital.

What measures were created and used by Roosevelt and later presidents to control corporation practices?

Roosevelt enforced earlier anti-trust laws and created publicity against corporation practices, gaining more of their cooperation. The Clayton Antitrust Act and Federal Trade Commission controlled illegal practices.

What are the practical uses of the steam engine?

Running factories, steamships, and steam locomotives.

Howe

Sewing Machine

Hargreaves

Spinning Jenny

Whitney

Standardized Parts and Cotton Gin

The Tom Thumb and The Clermont were examples of the use of __________ power in transportation.

Steam

Watt

Steam Engine

What two laws was the laissez-faire economy based on?

Supply and Demand, Competition

Bell

Telephone

What did McCormick, Whitney, and Oliver all contribute to?

The Agricultural Revolution

What early European factors led to the birth of industry?

The Crusades, monasteries, and early capitalism.

What circumstances gave the early American industry a boost?

The Embargo Act, new production methods, war, transportation and communication improvements, and new power sources.

What was the name of the first canal in the US?

The Erie Canal

What measures controlled the practices of corporations?

The Federal Trade Commission, the antitrust laws, the Clayton Antitrust Act, and labor laws.

The world-wide change from manual labor to machines was called what?

The Industrial Revolution

How did the Industrial Revolution affect the standard of living?

The Industrial Revolution increased the cost of living and produced harsh living and working conditions.

What was Europe's dark years under the feudal system called?

The Middle Ages

Stephenson

The Rocket (Steam Locomotive)

What did Watt, Fulton, and Stephenson all experiment with?

The Steam Engine

Oliver

The Steel Plow

Morse

The Telegraph

Which industry first used industrialized methods and inventions in England?

The Textile Industry

Capitalism

The economic system characterized by private ownership and the distribution of goods and competitively in a free market.

Monopoly

The exclusive control by a business of a commodity or production.

Free Enterprise

The freedom of private businesses to operate competitively for profit and without undue government intervention.

What were the factors that gave rise to communism?

The many injustices and abuses of the working class by wealthy managers and employers who shared little of the wealth they made.

Urbanization

The mass movement to the city.

Consolidation

The merging of businesses into one large organization.

Assembly Line

The piece-by-piece assembling of a product.

Laissez-faire

The policy opposing government intervention in economics.

What are the major inventions and developments of the Industrial Revolution?

The spinning jenny, steam engines, steamships and steam locomotives, the factory system, the telegraph, improved road building, standardized parts, assembly line production, cotton gin, flying shuttle, the light bulb, and the telephone.

What were the two inventions that developed from the use of the steam engine in transportation?

The steamship and the steam locomotive.

How did the Industrial Revolution affect average farmers or factory workers lives?

Their lives became more dangerous when they moved to the city, they had harsh living and working conditions, worked up to 14 hours a day, lost all control or freedom of their life that they once had, were confined to crowded tenement houses, and they were exposed to many diseases which raised the mortality rate.

How did corporations aid the United States' Economy?

They lowered prices, lowered unemployment, provided better quality goods, provided a larger variety of merchandise, and allowed Americans to share the profits by investing.

Monasteries

They set an example for factories in discipline and specific work duties.

How did the Industrial Revolutions in Europe and England affect the growth of industry in the United States?

They set the patterns of industry in labor-saving devices, the factory system, and labor laws to protect the worker, These patterns were later vital in setting the patterns of American industry.

Cooper

Tom Thumb

Field

Transatlantic Cable

By the early 1900s, the North Central and Middle Atlantic states led in production in the United States.

True

Ford's assembly-line production greatly reduced cost per unit.

True

Kay's and Hargreaves' inventions increased textile production.

True

The Communist Manifesto is considered an important work on socialism.

True

The Industrial Revolution really began in England after 1750.

True

The War of 1812 increased production in the US.

True

The major goals of corporations were to eliminate competition and to increase profits.

True

The production of goods by trained workers was necessary for trade to increase.

True

The steamship ended delays in water travel.

True

The working methods of Whitney and Ford made mass production possible.

True

What sources of power were available to industry by the early 1900's?

Water power, steam, coal, oil, electricity, telegraph and telephone.

Factories were first powered by ________ and later by ________.

Water, Steam

How were factories established?

With money from stockholders.

What basic requirements are needed for industrialized growth of a nation?

Work forces, rich natural resources, and sufficient capital.