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Economic Transformations in Post-Civil War United States Quiz

#1

Which economic policy aimed to encourage industrialization in the United States after the Civil War?

Protectionism
Explanation

Policy of protecting domestic industries through tariffs.

#2

During the Gilded Age, what term was used to describe the powerful industrialists and financiers who held significant economic and political influence?

Robber Barons
Explanation

Captains of industry with monopolistic control.

#3

What economic impact did the completion of the First Transcontinental Railroad have on the United States in the 19th century?

Increased westward expansion
Explanation

Facilitated movement and settlement.

#4

Which economic theory argues that government intervention in the economy should be minimal, and that free markets lead to optimal outcomes?

Laissez-faire
Explanation

Hands-off approach to economics.

#5

What was the primary purpose of the Homestead Act of 1862 in the United States?

To encourage westward expansion by granting land to settlers
Explanation

Initiative to populate the frontier.

#6

Which economic concept refers to the combination and coordination of large corporations and financial institutions to control entire industries?

Vertical integration
Explanation

Consolidation of various stages of production.

#7

What major event in the late 19th century contributed to a severe economic depression in the United States, leading to widespread unemployment and social unrest?

Panic of 1873
Explanation

Financial crisis triggered by railroad speculation.

#8

What was the primary purpose of the Dawes Act of 1887 in relation to Native American lands?

To assimilate Native Americans into mainstream American society
Explanation

Attempt to erase Native cultural identities.

#9

Which economic philosophy argues that the government should play a more active role in regulating and controlling the economy to address issues of inequality and social justice?

Keynesian economics
Explanation

Government intervention for economic stability.

#10

What impact did the discovery of gold and silver in the Western United States have on the economy during the late 19th century?

Led to an economic boom and population growth
Explanation

Resource-driven economic surge.

#11

Who was the influential economist and author of 'The Wealth of Nations' whose ideas on free-market capitalism greatly influenced economic thought during this period?

Adam Smith
Explanation

Advocate of laissez-faire economics.

#12

During the late 19th century, what industry played a key role in transforming the American economy, driving innovation and technological advancements?

Oil and steel
Explanation

Key sectors of industrial growth.

#13

Which legislation, passed in 1890, aimed to promote fair competition by prohibiting monopolistic business practices and anticompetitive behavior?

Sherman Antitrust Act
Explanation

Legislation against market dominance.

#14

Which economic system characterized the Southern United States before and during the Civil War, relying heavily on slave labor for agricultural production?

Plantation economy
Explanation

Agrarian system dependent on slavery.

#15

What was the main goal of the Reconstruction era economic policies in the United States following the Civil War?

To promote industrialization in the South
Explanation

Economic modernization of the Southern states.

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