THE VIRGINIA DYNASTY 1801 1825
AMERICAN INDUSTRIALIZATION FACTORY SYSTEM AND MARKET REVOLUTION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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wealth was concentrated or held in the hands of a few industrialists
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all Americans enjoyed a high standard of living
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the income gap between the rich and poor became smaller
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the income gap between farmers and factory workers widened
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Detailed explanation-1: -The Industrial Revolution increased the overall amount of wealth and distributed it more widely than had been the case in earlier centuries, helping to enlarge the middle class.
Detailed explanation-2: -Machines greatly increased production. This meant that products were cheaper to make and also cheaper to buy. Many factory owners became rich. Although the machines made work easier in some ways, factory work created many problems for the laborers.
Detailed explanation-3: -Industrialization results in a wider gap between the rich and poor due to a division of labor and capital. Those who own capital tend to accumulate excessive profits derived from their economic activities, resulting in a higher disparity of income and wealth.
Detailed explanation-4: -Industrialization also exacerbated the separation of labor and capital. Those who owned the means of production became disproportionately rich, resulting in wider income inequality. Workers were forced leave their families and migrate to urban areas in search of jobs. They worked long hours and were underpaid.