History unit 7 self test 3

Urbanization Mass movement to the city
Socialism Collective or government ownership of production and distribution
Laissez-faire Opposed government intervention in private business
Free enterprise Freedom of private business to complete and operate for a profit
Capitalism Private ownership and distribution of goods and competitively in a free market
Collective bargaining Negotiations between labor and management
Industrial Revolution Change from manual labor to machine
Assembly line The piece-by-piece assembling of a product
Standardized parts Interchangeable parts
Consolidation Merger of seven businesses into one
Monopoly Exclusive control of a product
Stockholders Investors in corporations who share in the profits
Federal Trade Commission Controlled corporation practices
The working methods of Whitney and Fords made mass production possible True
Industrialized methods were first used in England’s iron industry False
Plentiful natural resources and work force are musts for industry True
Wars and corporations hindered the growth of industry in the United States False
New England businessmen were heavy investors in the industry True
The Crusades revived European interest in trade and business True
The Communist Manifesto is considered an important work on socialism True
Smith wrote of the deplorable factory conditions in England False
By the early 1900s the North Central and Middle Atlantic states led in production in the United States True
Nations import their surplus goods in order to export needed items False
Lumber and textiles were the top ranking U.S industries by the 1900s False
The Crusades and monasteries were the early European influences on industry True
Major goals of corporations were to eliminate competition and increase profits True
Watt, Fulton, and Stephenson all experimented with the ____ Steam engine
Field, Bell, and Morse developed great improvements in ____ Communication
The deciding factor of the North’s victory in the Civil War was its ____ Industry
Marx’s theories of socialism were outlined in the ____ Communist Manifesto
Communists believe in the seizure of ____ power by force Economic or political
Labor unions have a voice against employer abuse to ___ Factory workers
Laussez-faire economy was based on the law of a. _____ and the law of b. _____ a. Supply and demand. b. Competition
McCormick, Whitney, and Oliver contributed to the United States’ _____ Agricultural revolution
Tariffs balance the economy by raising the prices of ____ Imported goods
High taxes and robbers threatened trade during the ____ Middle Ages
Technological improvement in transportation and _____ aided the fighting of wars Communication
American industry was aided by (1) war, (2) new power sources, (3) improvements in transportation and communication, (4) new production methods, (5) monopolies. _____ A. 1,2,3,4
Factors making the United States ripe for industry’s growth included (1) abundant natural resources, (2) ample work force, (3) help from England, (4) investment capital, (5) determination to prove itself c. 1,2,4,5
Factors aiding the plight of factory workers included (1) labor improvement laws, (2) laissez-faire, (3) labor unions, (4) books by Dickens and Disraeli b. 1,3,4
Advantages corporations brought to the United States included (1) lowered unemployment, (2) reduced competition, (3) c. 1,3,4,5
Social changes resulting from Industrial Revolution included (1) urbanization, (2) greater independence, (3) growing socialism, (4) poor living and working conditions a. 1,3,4
What were the factors that gave rise to communism? The many injustices and abuses of the working class by wealthy industrialists who shared little of the wealth they made gave rise to this preaching for the proletariat to overthrow the capitalists
What measures were created and used by Roosevelt and later presidents to control corporation practices? Roosevelt enforced earlier antitrust laws and bright publicity against corporation practices, thus gaining more cooperation from them. The Clayton Antitrust Act and Federal Trade Commission also controlled illegal practices
How has the Industrial Revolution affected the world’s economy? It has raised the worlds economy, increasing the standard of living to a prosperous level when compared with century before. It also boosted world trade and made nations dependent upon each other for products and quickened distribution of goods around the world
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– patterns which later were vital in setting the patterns of American industry

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