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