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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They increased competition between businesses in a market.
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They distributed more wealth to the poor.
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They squashed competition and allowed their owners to control a market.
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They caused their owners to lose a lot of money.
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Detailed explanation-1: -From the Flocabulary lesson “The Gilded Age": What did trusts do? They increased competition between businesses in a market.
Detailed explanation-2: -robber baron, pejorative term for one of the powerful 19th-century American industrialists and financiers who made fortunes by monopolizing huge industries through the formation of trusts, engaging in unethical business practices, exploiting workers, and paying little heed to their customers or competition.
Detailed explanation-3: -Cornelius Vanderbilt (1794–1877) was a shipping and railroad tycoon who built himself up from nothing to become one of the wealthiest individuals in 19th century America. He was the first person to be called robber baron, in an article in “The New York Times” on February 9, 1859.
Detailed explanation-4: -The formation of trusts began in the Gilded Age. In this age, large companies established trusts to reduce their competition. Additionally, companies utilized trusts to standardize prices, which resulted in a less competitive market. The standardization of prices benefited companies’ profits but hurt consumers.