Quiz 2 (Chapter 18)

The turn of the twentieth century saw individual entrepreneurship in the United States yield to

Finance capitalism

How did Morgan achieve his stunning reorganization and consolidation of businesses in the late nineteenth century?

He sometimes formed a community of interest comprised of a handful of directors.

What idea was promoted by the theory of social Darwinism in the late nineteenth century?

Progress is the result of competition where the strong survived and the weak died out.

Which of the following big businesses came to dominate American life in the second half of the nineteenth century?

Railroading

Morgan acquired the core of what would be the largest corporation in the world when he purchased

Steel interests formerly controlled by Andrew Carnegie.

The industries that grew up around the revolutionary inventions of Alexander Graham Bell and Thomas Alva Edison demonstrated that

The age of the inventor was becoming the age of the corporation.

What was evident in the call for a New South in the decades after Reconstruction?

The desire among some southerners to shift to an industrial economy

Which of the following developments was a key factor in the rise of the Gilded Age?

The growth of industrialism in the United States

In "Marshall Kirkman Likens Railroad Corporations to Armies," what does Kirkman say determines how successful a worker will be on the railroad?

The natural ability, energy and ambition of the individual worker

Who wrote the social Darwinist book What Social Classes Owe to Each Other?

William Graham Sumner

In her History of the Standard Oil Company published in McClure's Magazine, Ida M. Tarbell characterized John D. Rockefeller as

a man who had used illegal methods to take over the oil industry.

In "Andrew Carnegie Explains the Gospel of Wealth," (Johnson Ch. 18) Carnegie argues that the concentration of wealth in the hands of the few

is actually a beneficial thing for society.

What was the main purpose of crude oil in the United States before the advent of the automobile?

Lubrication and lighting in the form of kerosene

Which of the following describes the Gilded Age?

An era marked by personal greed and a corrupt partnership between business and politics

What did the Interstate Commerce Act and the Sherman Antitrust Act have in common?

Both testified to the nation's growing willingness to use federal measures to intervene in big business on behalf of the public interest.

Prominent business leader of the late nineteenth century J. P. Morgan believed that

Consolidation and central control were preferable to competition.

According to Ida B. Wells, lynching was a problem rooted in

Economics and the shifting social structure of the South.

Having stated that "the paramount issue this year is moral rather than political," supporters of Grover Cleveland in 1884 were chagrined to learn that Cleveland had

Fathered a child out of wedlock.

In "William Graham Sumner on Social Obligations," Sumner argues that expecting the rich to aid the poor

Is unfair to the rich, who have worked for their success

Which of the following was true of Standard Oil in the 1890s?

It controlled more than 90 percent of the oil business.

How effective was the Interstate Commerce Commission, the nation's first federal regulatory agency?

It was so weak in its early years that it served as little more than a historical precedent.

How did American women respond to the denial of their right to vote in the late nineteenth century?

They participated in the political process though the antilynching, suffrage, and temperance movements.

President Grover Cleveland hoped to increase the nation's flagging gold reserves during the economic depression in the winter of 1894-95

Through making a deal with a private group of bankers who would buy government bonds with gold.

Why did Rockefeller first organize Standard Oil as a trust?

To control the key elements of production and corner the market for oil

In "Henry Demarest Lloyd Attacks Monopolies," (Johnson Ch. 18) Lloyd argues that corporations

are tools for concentration of wealth in the hands of the few, have created a class of the super-wealthy uncontrolled and unrestrained by the law, and limit production of goods to create artificial shortages and drive up prices