How Good Is Your Knowledge Of History?

Thomas Edison is the correct answer because he is widely recognized as the inventor of the light bulb. Edison's development of the practical incandescent light bulb revolutionized the way we illuminate our homes and workplaces. Through his extensive experimentation and innovation, Edison was able to create a long-lasting and commercially viable electric light bulb, which had a significant impact on society and paved the way for modern lighting technology. His contributions to the field of electricity and lighting make him a prominent figure in the history of invention and innovation.

The correct answer is "Entrepreneur." An entrepreneur is someone who invests money in a product or enterprise with the intention of making a profit. They take risks and use their creativity and innovation to identify and exploit business opportunities. The term "carpetbagger" refers to a person who moves to a different region or country to exploit opportunities, typically in a political or economic context. "Lone Ranger" refers to a fictional character and does not relate to investing money for profit. "Capitalist" refers to a person who supports or advocates for capitalism, an economic system based on private ownership and the pursuit of profit.

The correct answer is the Pullman Strike. The Pullman Strike was a nationwide strike of railway workers that occurred in 1894. The strike was led by the American Railway Union, and it was in response to wage cuts and poor working conditions imposed by the Pullman Company. The strike eventually turned violent, with clashes between strikers and federal troops. The strike had significant implications for labor rights and the relationship between workers and management in the United States.

Mass production refers to a system that is designed to produce a large quantity of products in a short amount of time and at a low cost. This method involves the use of specialized machinery, assembly lines, and standardized processes to streamline production and increase efficiency. By producing goods in large quantities, companies are able to take advantage of economies of scale, resulting in lower production costs per unit. Mass production has been widely adopted in various industries, such as automotive, electronics, and consumer goods, to meet the high demand for products in a cost-effective manner.

A corporation is a type of business structure where multiple individuals share the ownership. This legal entity is separate from its owners, providing limited liability protection. It allows for the pooling of resources and capital from multiple shareholders, who then elect a board of directors to manage the company's operations. This structure is commonly used for larger businesses that require substantial investment and want to distribute ownership among various stakeholders.

John D Rockefeller was an oil tycoon who used horizontal integration to increase profits. Horizontal integration refers to the strategy of acquiring or merging with competitors in the same industry to eliminate competition and gain control over the market. Rockefeller's company, Standard Oil, employed this strategy by buying out or merging with other oil companies, allowing him to dominate the oil industry and maximize profits. This approach enabled Rockefeller to establish a monopoly and become one of the wealthiest individuals in history.

A corporation that gains complete control of a product or service is referred to as a monopoly. In a monopoly, there is no competition as the company has exclusive control over the market, allowing them to set prices and dictate terms without any external influences. This gives them a significant advantage and can lead to higher prices and limited choices for consumers.

Collective bargaining refers to the process where workers come together as a group to negotiate with their employers for improved wages, benefits, and working conditions. It involves the formation of labor unions or other representative bodies that advocate for the rights and interests of the workers. This process allows employees to have a stronger voice and leverage when dealing with management, leading to more favorable outcomes for the workers as a whole.

A protective tariff is a tax imposed on imported goods in order to make them more expensive than locally produced goods. This is done to protect domestic industries and encourage consumers to buy locally made products. By making imported goods more costly, the government aims to create a competitive advantage for domestic producers and stimulate the local economy.

Laissez Faire is the correct answer because it refers to a system where businesses operate with minimal government regulation. In this system, the government does not interfere with the economy and allows businesses to operate freely, without restrictions or controls. This approach promotes free market competition and individual economic freedom, with the belief that it will lead to economic growth and prosperity.

The correct answer is the Sherman Anti Trust Act. This act, passed in 1890, made it illegal for any trust or business to operate in a way that restrained trade. It was aimed at preventing monopolies and promoting fair competition in the market. The act was named after its sponsor, Senator John Sherman, and it marked the first significant federal legislation to address antitrust concerns in the United States.

The correct answer is the Bessemer Process. This process involves blowing air through molten iron to remove impurities and create steel. It was developed by Sir Henry Bessemer in the 19th century and revolutionized the steel industry by making it more efficient and cost-effective. The Bessemer Process played a crucial role in the production of strong and lightweight steel, which had a significant impact on various industries, including construction and transportation.

Socialism is an economic and political philosophy that supports public control of property and income. It advocates for a system where resources and means of production are owned and managed by the state or the community as a whole, rather than by individuals or private entities. This ideology aims to reduce income inequality and ensure equal distribution of wealth and resources among the population.

The Knights of Labor was a labor union that aimed to include workers from all trades. They advocated for the rights and welfare of workers, promoting the idea of solidarity among workers regardless of their specific trade. The union played a significant role in fighting for improved working conditions, shorter working hours, and fair wages. They also advocated for social reforms and supported the idea of worker cooperatives. The Knights of Labor had a broad membership base and played a crucial role in shaping the labor movement in the late 19th and early 20th centuries.

Andrew Carnegie, a steel tycoon, established libraries in part to help the disadvantaged rise in society. Carnegie believed in the power of education and saw libraries as a means to provide access to knowledge and learning opportunities for those who may not have had access otherwise. By establishing libraries, Carnegie aimed to empower individuals from disadvantaged backgrounds to improve their lives and contribute to society.

Social Darwinism is the correct answer because it is a belief system that suggests that those who have great wealth are entitled to it. This theory, influenced by Charles Darwin's ideas of natural selection, argues that the wealthy are more fit and superior to the poor, and therefore deserve their wealth. This ideology was used to justify social and economic inequality during the late 19th and early 20th centuries. Andrew Carnegie, a prominent industrialist, was a proponent of Social Darwinism and believed that the rich had a duty to use their wealth for the greater good. Abraham Lincoln and Poor Americans are not relevant to the concept of entitlement to wealth.

The correct answer is American Federation of Labor. The American Federation of Labor was a labor union that primarily represented skilled workers from small craft unions. It was founded in 1886 and focused on improving wages, working conditions, and job security for its members. The Knights of Labor and the International Workers of the World were also labor unions, but they had a broader membership base and represented both skilled and unskilled workers. The American Workers Union is not a well-known labor union and may not be a valid option.