12

Monopoly

I. Market Economics.

A. Adam Smith: The Wealth of

Nations.

B. Laissez-faire.

C. Competition is the Invisible Hand.

II. Monopoly.

B. Andrew Carnegie: U.S. Steel

Corporation.

C. John D. Rockefeller: Standard

Oil Trust.

III. The Robber Barons.

A. wage slaves.

B. The Triangle Shirtwaist Fire.

IV. The Philanthropists.

A. The Gospel of Wealth.

B. private charity.

Conclusion: The industrialists were

creating a modern version of nobility.

Quiz 12

1. What was the nickname of

manufacturing facilities like the

Triangle Shirtwaist Company?

2. What was the most impoverished

immigrant neighborhood in New York

City?

3. What was the nickname given to

business tycoons like Rockefeller and

Carnegie?

4. What is the name of the period when

the rapid increase in urbanization and

industrialization were radically

changing the way people lived?

5. According to Adam Smith, what

motivates people to be productive

members of society?

6. How did liberal immigration policies

benefit the Robber Barons?

7. Why were tycoons like Rockefeller,

Carnegie, and Vanderbilt called

“Robber Barons”?

*they robbed banks

*their lives resembled that of nobles

*they inherited wealth

*they were of noble birth

8. What would typically happen to a

factory worker who complained about

long hours and low pay?

*he’d receive a wage increase

*he’d be hanged

*he’d be arrested

*he’d be fired

9. What did Carnegie and Rockefeller

believe was the best way to help

those in need?

*private charity

*government welfare

*whips and chains

*military force

10. Why did Carnegie and Rockefeller

donate money to build schools and

libraries?

11. Which of the following was a thesis

of Carnegie’s Gospel of Wealth?

*greed

*federal welfare

*philanthropy

*wage slavery

12. Who wrote this book?

13. Who is this man?

14. Who is this man?

15. What is the nickname for this type

of factory?

16. What did critics of the Robber

Barons call these types of workers?

17. What was another nickname

(besides Robber Barons) given to

men like Carnegie and Rockefeller?

*subjects

*philanthropists

*wage slaves

*child laborers

18. What is it called when a company is

able to corner the market on a

particular good or service?

19. According to Carnegie’s Gospel of

Wealth, what should a wealthy person

do during the last third of his life?

*earn money

*get an education

*give money away

*destroy people

20. What negative effect of

industrialization is illustrated by this

image?

1. What was the nickname of

manufacturing facilities like the

Triangle Shirtwaist Company?

sweatshops

2. What was the most impoverished

immigrant neighborhood in New York

City? Lower East Side

3. What was the nickname given to

business tycoons like Rockefeller and

Carnegie? Robber Barons

4. What is the name of the period when

the rapid increase in urbanization and

industrialization were radically

changing the way people lived?

Industrial

Revolution

5. According to Adam Smith, what

motivates people to be productive

members of society? competition

6. How did liberal immigration policies

benefit the Robber Barons?

Increased

competition

among the

workers.

7. Why were tycoons like Rockefeller,

Carnegie, and Vanderbilt called

“Robber Barons”?

*they robbed banks

*their lives resembled that of

nobles

*they inherited wealth

*they were of noble birth

8. What would typically happen to a

factory worker who complained about

long hours and low pay?

*he’d receive a wage increase

*he’d be hanged

*he’d be arrested

*he’d be fired

9. What did Carnegie and Rockefeller

believe was the best way to help

those in need?

*private charity

*government welfare

*whips and chains

*military force

10. Why did Carnegie and Rockefeller

donate money to build schools and

libraries? they provide people with

the opportunity to help

themselves

11. Which of the following was a thesis

of Carnegie’s Gospel of Wealth?

*greed

*federal welfare

*philanthropy

*wage slavery

12. Who wrote this book?

Adam Smith

13. Who is this man?

John D. Rockefeller

14. Who is this man?

Andrew Carnegie

15. What is the nickname for this type

of factory? sweatshop

16. What did critics of the Robber

Barons call these types of workers?

wage slaves

17. What was another nickname

(besides Robber Barons) given to

men like Carnegie and Rockefeller?

*subjects

*philanthropists

*wage slaves

*child laborers

18. What is it called when a company is

able to corner the market on a

particular good or service?

monopoly

19. According to Carnegie’s Gospel of

Wealth, what should a wealthy person

do during the last third of his life?

*earn money

*get an education

*give money away

*destroy people

20. What negative effect of

industrialization is illustrated by this

image? pollution