The Second Industrial Revolution
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THE SECOND INDUSTRIAL REVOLUTION Chapter 14 Test Review, Sections 1 & 2
1) Identify the steel tycoon who sold his holdings for $500 million.
2) Identify the railroad tycoon whose efforts enabled freight and passengers to travel from New York to Chicago in 24 hours.
3) The joining together of Dell and Apple would be an example of. . .
4) What would be the purpose of this union?
5) When John D. Rockefeller, the oil refining tycoon, purchased his own railroads, oil wells, barrel-making factories, etc. this was an example of. . .
6) What was the purpose of these acquisitions?
7) The fuel that replaced whale oil to power lanterns was. . .
8) The individual who devised a crude looking apparatus to pump oil from the ground in western Pennsylvania
was. . .
9) Identify the technique by which iron is melted, exposed to a blast of hot air, and cooled to become steel.
10) Breaking down jobs into small tasks in order to increase speed and quality of production is known as. . .
11) Individuals who possess certificates representing ownership of a company are known as. . .
12) What is the principle of business organization that guarantees that an investor cannot lose more than what they invested?
13) The group of people who run a corporation on behalf of its owners are known as. . .
14) Taking risks in order to start business. . .
15) When two of more individuals pool their resources to start a business, sharing the profits and the debts it is known
as…
16) Total control of a product, service, or trade in a given region is known as. . .
17) The popular American author who wrote rags to riches stories and emphasized hard work as a key to success was. . .
18) The idea, embraced by Carnegie, that wealthy citizens were obligated to use their fortunes to benefit society and advance their culture was known as. . .
19) The philosophy that applied the ideas of natural selection (survival of the fittest) to people, businesses, and nations was known as. . .
20) An informal arrangement among separate business to charge identical rates is known as a. . . THE SECOND INDUSTRIAL REVOLUTION Chapter 14 Test Review, Sections 1 & 2
21) Profits of a corporation, split among shareholders
22) Government decides what is produced, how things are produced, and for whom they are produced. . .
23) Individuals decide what is produced, how things are produced, and for whom they are produced. . .
24) A sale applied after the purchase (illegal when they are exclusive only to some consumers)
25) Multiple corporations are separately owned, but singularly controlled as though they are one
26) Controls prices, ensures better quality, etc. . . central to a market economy