US Econ History (ECON 1740 U of U) Exam #2 || with 100% Verified Solutions.
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US Econ History
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US Econ History
How were the railroads funded? correct answers Government furnished grants by grants of public lands and loans for each mile of the railroad completed.
Not enough money though, so two years later the law was amended to double the land grants, and gave second-mortgage bonds to the public.
Who he...
US Econ History (ECON 1740 U of U) Exam #2 || with 100%
Verified Solutions.
How were the railroads funded? correct answers Government furnished grants by grants of
public lands and loans for each mile of the railroad completed.
Not enough money though, so two years later the law was amended to double the land grants,
and gave second-mortgage bonds to the public.
Who helped to build the rail roads? correct answers Over 10,000 Chinese workers built the
railroad
What is Promontory Point? correct answers the Union and Central Pacific Railroads joined their
rails at Promontory Summit, Utah
How did railroads change life in America? correct answers The railroad cut the time to travel
across the country from 6 months to 6 days which led to much economic expansion
Led to the development of the Sears catalog
Westward expansion occurred much faster
"Standard time" was a result of the railroads
What is the Homestead Act of 1862? correct answers provided 160 acres per homestead and
continued liberalization of the federal government's land policy.
What happened to land cultivation between 1870s and 1890s? correct answers Doubled
What were most prominent crops in US at the time? correct answers Tobacco old south
Cotton in Texas
Lumber and wheat some of the most prominent
What movement led to the invention of barber wire and why? correct answers Cowboys and
Cattle driving, to prevent cattle from crossing through private property and destroying crops
What ethnicity were many cowboys? correct answers One in three cowboys is Hispanic or
African American
What role did buffalos play? correct answers Hunting of buffalo by "white men" drastically
reduced their numbers, almost to the point of extinction (30 million killed in one decade)
Killed for furs, not food. Lots of waste
What happened following the civil war? correct answers Agriculture fell relatively
But still grew locally
Second Industrial Revolution
, Manufacturing increased significantly.
In 1913, the U.S. produced more than one third of the world's industrial production
What is the Bessemer process? correct answers Henry Bessemer reduced the cost of steel
processing. Blowing hot air into iron
Who was Andrew Carnegie? correct answers made steel factories in Pittsburgh; first mass
production of steel, drove the price of steel down more than 80%; allowed the building of
skyscrapers.
What is the difference between invention and innovation? correct answers Invention is finding
something new.
Innovation is applying it to your industry.
What were two major technological advances that helped grow manufacturing? correct answers
Semi/Automatic machine tools
High speed cutting tools (tools powered by electricity and air)
What were other advances that helped carry the 2nd industrial revolution? correct answers
Source of energy changes:
Steam engine became much more efficient.
A large coal supply was found.
Mass Production
Continuous flow production- as they flow through the assembly lines they are made into their
finished form.
Scientific management-
What is a gentleman's agreement? correct answers Gentleman's agreements were agreements to
sell at a certain price, and only to sell a certain number
What were 'pools'? correct answers Pools were dividing a market into sellers and giving each a
region to sell in
What is a 'trust'? correct answers Trusts- "A legal arrangement under which stock holders in a
corporation gave up their stock to a central board of directors "in trust."
These were created to get rid of the issues of gentleman's agreements and pools.
What were Horizontal Mergers (1879-1893)? correct answers Combine firms that produce
identical or similar products.
Larger schools took advantage of mass and more efficient production.
Mostly firms that produced household staple goods.
Ex- Rockefeller and Standard Oil.
What is a vertical merger (1893-)? correct answers Each stage of the production process is
managed by a different department within one firm.
Ex. Carnegie and U.S. Steel
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