WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
AMERICAN INDUSTRY DEVELOPMENT IN THE GILDED AGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Most people became very wealthy, but a few people were very poor.
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A few people became very wealthy, but most people were very poor.
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Almost everyone gained wealth and was able to buy new goods such as cars and TVs
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Wealth was redistributed so everyone had approximately the same amount of money to spend
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Detailed explanation-1: -The economy moved from agrarian to industrial; consumer goods were mass-produced and readily available. However, manufacturing was not the only industry that experienced growth. The railroad industry grew as the need to transport people and goods increased.
Detailed explanation-2: -Income Inequality in the Gilded Age The industrialists of the Gilded Age lived high on the hog, but most of the working class lived below poverty level. As time went on, the income inequality between wealthy and poor became more and more glaring.
Detailed explanation-3: -While the rich wore diamonds, many wore rags. In 1890, 11 million of the nation’s 12 million families earned less than $1200 per year; of this group, the average annual income was $380, well below the poverty line.
Detailed explanation-4: -People Built Immense Sprawling Estates The ‘new rich’ built massive mansions during The Gilded Age to compete with the old rich’s massive estates. What is this? One such estate was Biltmore Estate in North Carolina, constructed by George Washington Vanderbilt II between 1889 and 1896 for his family.