unit5–theageofbigbusiness.docVIP

Unit 5 – The Age of Big Business Types of Business Systems 1. Which type of business organization is being criticized in this cartoon? (1) monopoly (2) multinational corporation (3) partnership (4) proprietorship 2. What is the main idea of this cartoon? (1) The Standard Oil Company was a harmful monopoly. (2) The best way to develop major industries was to form proprietorships. (3) Government regulations were strangling the Standard Oil Company. (4) Foreign competition in the oil industry was hurting American companies. 3. Which economic concept is best illustrated by the cartoon? (1) supply and demand (2) mercantilism (3) monopoly (4) trade 4. The term business monopoly can best be described as (1) the most common form of business in the United States (2) government control of the means of production (3) an agreement between partners to manage a corporation (4) a company that controls or dominates an industry 5. In the late 19th century, owners of big businesses generally embraced Social Darwinism because it reinforced their belief that (1) economic success demonstrates fitness to lead (2) business monopolies are contrary to the social order (3) all wealth should be returned to society (4) economic competition should be regulated 6. The 19th-century philosophy of Social Darwinism maintained that (1) the government should have control over the means of production and the marketplace (2) all social class distinctions in American society should be eliminated (3) economic success comes to those who are the hardest working and most competent (4) wealth and income should be more equally distributed 7. “The growth of a large business is merely survival of the fittest. The American beauty rose can be produced in the splendor and fragrance which bring cheer to its beholder only by sacrificing the early buds which grow up around it. This is not an evil tendency in business. It is merely the working out of a law of nature and a law of God. . . .” — Jo