Assignment 2
How did capitalists (investors) in the late 1800s help fuel the development of new technologies? -
(correct Answer) - By getting patents, who gave gave legal rights to sell or make a invention for a period
of time.
How did the inventions of the telegraph and telephone revolutionize communication? - (correct Answer)
- Allowed people to talk from any distance and instantly.
How did Frederick W. Taylor's studies impact industry in the early 1900s - (correct Answer) - Helped
Henry Ford, who used a assembly line to make mass production of automobiles. Increase production
meant cheaper goods. Also factories needed less workers.
Why were corporations formed, and how are they run? - (correct Answer) - Growing businesses needed
land, labor, and capital (income). Corporations exits independently from owners and can own property.
People buy stocks or share ownership of the business.
How do monopolies and trusts differ? - (correct Answer) - Monopolies are business that dominate an
industry. Trusts are a group of companies manged by a small group of people called trustees. They all
have a shared alliance, so they don't compete against each other.
How were the new big businesses of this time different from traditional companies? - (correct Answer) -
Big businesses didn't really know their workers, impersonal, very profit driven, and investors were mostly
in charge
How did horizontal and vertical integration lead to larger companies? - (correct Answer) - Horizontal
integration was having a bunch of small company's join together from the same industry. Vertical
integration was buying complete control of every part of production.
Why did the government adopt a laissez-faire policy towards businesses during this time? - (correct
Answer) - They thought through supply and demand the market would regulate itself if the government
didn't get involved.
Do you think the term Gilded age was appropriate for America at the time? Support your opinion with at
least two examples. - (correct Answer) - Yes, because the rich were rich and had great lifes and the poor
were poor and lived hard lifes and struggled. Then also because the rich world do a lot of things to stay
rich, like buying out competition and having the workers work for low wages.
Why do some historians call industrialists "robber barons"? Which industrialists do you think would be
considered robber barons and why? - (correct Answer) - Robber barons were wealthy through ruthless
business. Carnegie (steel manufacturer), Rockefeller (Founder of standard oil), and Vanderbilt (owner of
steamships and railroads) because these people were very wealthy.
Why do some historians call industrialists "captains of industry"? Which industrialists do you think would
be considered captains of industry and why? - (correct Answer) - Captain of industry helped usher in our
modern economy. Carnegie and Rockefeller because they used their wealth to promote the common
How did capitalists (investors) in the late 1800s help fuel the development of new technologies? -
(correct Answer) - By getting patents, who gave gave legal rights to sell or make a invention for a period
of time.
How did the inventions of the telegraph and telephone revolutionize communication? - (correct Answer)
- Allowed people to talk from any distance and instantly.
How did Frederick W. Taylor's studies impact industry in the early 1900s - (correct Answer) - Helped
Henry Ford, who used a assembly line to make mass production of automobiles. Increase production
meant cheaper goods. Also factories needed less workers.
Why were corporations formed, and how are they run? - (correct Answer) - Growing businesses needed
land, labor, and capital (income). Corporations exits independently from owners and can own property.
People buy stocks or share ownership of the business.
How do monopolies and trusts differ? - (correct Answer) - Monopolies are business that dominate an
industry. Trusts are a group of companies manged by a small group of people called trustees. They all
have a shared alliance, so they don't compete against each other.
How were the new big businesses of this time different from traditional companies? - (correct Answer) -
Big businesses didn't really know their workers, impersonal, very profit driven, and investors were mostly
in charge
How did horizontal and vertical integration lead to larger companies? - (correct Answer) - Horizontal
integration was having a bunch of small company's join together from the same industry. Vertical
integration was buying complete control of every part of production.
Why did the government adopt a laissez-faire policy towards businesses during this time? - (correct
Answer) - They thought through supply and demand the market would regulate itself if the government
didn't get involved.
Do you think the term Gilded age was appropriate for America at the time? Support your opinion with at
least two examples. - (correct Answer) - Yes, because the rich were rich and had great lifes and the poor
were poor and lived hard lifes and struggled. Then also because the rich world do a lot of things to stay
rich, like buying out competition and having the workers work for low wages.
Why do some historians call industrialists "robber barons"? Which industrialists do you think would be
considered robber barons and why? - (correct Answer) - Robber barons were wealthy through ruthless
business. Carnegie (steel manufacturer), Rockefeller (Founder of standard oil), and Vanderbilt (owner of
steamships and railroads) because these people were very wealthy.
Why do some historians call industrialists "captains of industry"? Which industrialists do you think would
be considered captains of industry and why? - (correct Answer) - Captain of industry helped usher in our
modern economy. Carnegie and Rockefeller because they used their wealth to promote the common
