Notgrass Economics Lesson 19

A leader in what industry caused the Panic of 1907?

Copper mining

What did Congress establish in 1913 to serve as the central bank for the United States?

Federal Reserve System

What two tentative steps did the federal government take in 1887 and 1890 to guide business along ethical lines?

Interstate Commerce Commission and the Sherman Anti-Trust Act

Bankers such as J. P. Morgan participated in what type of business in which they built large enterprises that did not make things themselves, but invested huge sums of money in companies that did?

Investment capitalism

What type of company precipitated the Panics of 1873 and 1893?

Railroad

What was the first big business in the U.S., which grew dramatically after the Civil War?

Railroads

The Morrill Land Grant Act enabled public lands to be sold in order to establish what?

State agricultural and mechanical universities

How did federal involvement in the economy change as a result of President Franklin Roosevelt's policies during the Great Depression?

The federal government played an active role in trying to recover from the collapse.

What did the American economy become by the 1890s?

The largest economy in the world

What was the economic impact of the Civil War in the North and in the South?

The northern economy grew and the southern economy was largely destroyed.