Industrial Advancements Quiz

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Who patented the Bessemer process?

Henry Bessemer

Which process beat out the Bessemer system by 1909?

Open-Hearth process

What is the primary support of the steel industry during the time of the Bessemer process?

Steel train rails

Which businessman dominated the steel industry throughout the late 1800s?

<p>Andrew Carnegie</p> Signup and view all the answers

Which country is the largest producer of steel today?

<p>China</p> Signup and view all the answers

Which form of consolidation was popular in the railroad industry during the era of industry consolidation and regulation?

<p>Pools</p> Signup and view all the answers

What was the central economic institution in American capitalism during the corporate revolution period (1895-1907)?

<p>Giant corporations</p> Signup and view all the answers

Which industry saw approximately 266 businesses collapsing into the shells of other corporate entities each year during the corporate revolution period (1895-1907)?

<p>Railroad industry</p> Signup and view all the answers

Who organized the first trust, Standard Oil, during the era of industry consolidation and regulation?

<p>Rockefeller</p> Signup and view all the answers

Which act led to the breakup of interstate pools in the railroad industry during the era of industry consolidation and regulation?

<p>Commerce Act</p> Signup and view all the answers

Which act supplemented and supported the Sherman Act and prohibited price discrimination and inter-company stockholding?

<p>Clayton Antitrust Act</p> Signup and view all the answers

What was the initial issue with the application of the Sherman Act?

<p>It was too vague</p> Signup and view all the answers

What enabled firms to combine if it was to export goods?

<p>Webb-Pomerene Act</p> Signup and view all the answers

Which committee could demand reports from companies and its primary purpose is consumer protection?

<p>Federal Trade Commission</p> Signup and view all the answers

What did the Northern Securities case signal?

<p>The need for stricter regulation</p> Signup and view all the answers

Who created the Tennessee Valley Authority (TVA)?

<p>Roosevelt</p> Signup and view all the answers

What was the main purpose of the Rural Electrification Administration?

<p>To create nonprofit electrical cooperatives</p> Signup and view all the answers

Who was known as the 'Father of alternating current'?

<p>George Westinghouse</p> Signup and view all the answers

What was the main criticism of the Tennessee Valley Authority (TVA)?

<p>It was accused of being socialist</p> Signup and view all the answers

Who had a passion for inventing and showmanship but struggled with running a business?

<p>Thomas Edison</p> Signup and view all the answers

Which act separated commercial and investment banking?

<p>Banking Act of 1933</p> Signup and view all the answers

What did the resurgence of the American economy after WWII provide an opportunity for bankers to do?

<p>Finance the expansion of companies</p> Signup and view all the answers

How many of the original companies from 1909 were still in the top 100 by 1948?

<p>36</p> Signup and view all the answers

What role did the iron and steel industries play in the early 1900s?

<p>They dominated the industries</p> Signup and view all the answers

What industry became the second largest industry after coal post-Civil War?

<p>Steel</p> Signup and view all the answers

Before moving into the steel industry, what was one of Carnegie's jobs/roles?

<p>Working in the tobacco industry</p> Signup and view all the answers

Which company captured over 60% of the tobacco industry by 1900?

<p>American Tobacco Company</p> Signup and view all the answers

Which company had a virtual monopoly over oil refining and transportation in the East by 1880?

<p>Standard Oil</p> Signup and view all the answers

Who formed The Southern Improvement Company in 1870 along with John Rockefeller?

<p>Carnegie</p> Signup and view all the answers

Which labor union aimed to overthrow capitalism and replace it with communism or socialism?

<p>IWW</p> Signup and view all the answers

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