#1
Who is considered the father of the American Industrial Revolution?
Alexander Hamilton
ExplanationAlexander Hamilton is considered the father of the American Industrial Revolution for his advocacy of economic policies promoting industrial development and a strong central government.
#2
Which industry was revolutionized by Henry Ford's introduction of the assembly line?
Automobile industry
ExplanationHenry Ford revolutionized the automobile industry with the introduction of the assembly line, significantly increasing production efficiency and lowering costs.
#3
Who founded the Standard Oil Company?
John D. Rockefeller
ExplanationJohn D. Rockefeller founded the Standard Oil Company, becoming a dominant figure in the oil industry and one of the wealthiest individuals in history.
#4
Which industry did Andrew Carnegie dominate?
Steel industry
ExplanationAndrew Carnegie dominated the steel industry, overseeing the expansion of his steel empire and contributing significantly to the growth of the American steel sector.
#5
Which industry did Cornelius Vanderbilt primarily dominate?
Railroad industry
ExplanationCornelius Vanderbilt primarily dominated the railroad industry, amassing a significant fortune through his investments and control of key railroads.
#6
Who coined the term 'the Gospel of Wealth'?
Andrew Carnegie
ExplanationAndrew Carnegie coined the term 'the Gospel of Wealth' to express his belief that the wealthy have a responsibility to use their wealth for the greater good of society.
#7
Which business strategy did John D. Rockefeller use to dominate the oil industry?
Vertical integration
ExplanationJohn D. Rockefeller employed the business strategy of vertical integration, owning and controlling all aspects of the oil industry from production to distribution.
#8
Which industrialist famously implemented the concept of 'scientific management'?
Frederick Winslow Taylor
ExplanationFrederick Winslow Taylor, an industrialist, is known for implementing the concept of 'scientific management' to improve efficiency and productivity in the workplace.
#9
Who was known as the 'Steel King'?
Andrew Carnegie
ExplanationAndrew Carnegie earned the moniker 'Steel King' for his immense influence and control over the steel industry during the late 19th and early 20th centuries.
#10
Who is known for implementing the concept of 'trusts' in business?
John D. Rockefeller
ExplanationJohn D. Rockefeller is known for implementing the concept of 'trusts' in business, consolidating control over various oil-related enterprises.
#11
Who authored the book 'The Theory of the Leisure Class' which discussed conspicuous consumption?
Thorstein Veblen
ExplanationThorstein Veblen authored 'The Theory of the Leisure Class,' examining conspicuous consumption and critiquing the social and economic implications of consumer behavior.
#12
Which business magnate was associated with the phrase 'Survival of the Fittest'?
Andrew Carnegie
ExplanationAndrew Carnegie was associated with the phrase 'Survival of the Fittest,' reflecting his belief in the competitive nature of business and the success of the most capable.
#13
What was the primary reason for the Homestead Strike of 1892, involving Andrew Carnegie's steelworkers?
Wage cuts
ExplanationThe primary reason for the Homestead Strike of 1892, involving Andrew Carnegie's steelworkers, was opposition to wage cuts imposed by the Carnegie Steel Company.
#14
What was the primary goal of the Sherman Antitrust Act of 1890?
To break up monopolies
ExplanationThe primary goal of the Sherman Antitrust Act of 1890 was to break up monopolies and promote fair competition in the marketplace.
#15
Who famously said, 'The first billion is the hardest'?
John D. Rockefeller
ExplanationJohn D. Rockefeller famously said, 'The first billion is the hardest,' reflecting his extraordinary success and wealth accumulation.