1- Railroad magnate Jay Gould made his fortune in the railroad industry
A) by speculating in the stock market.
B) through his expertise as a railroad builder and engineer.
C) by taking control of small railroads and selling them at a profit.
D) by charging increasingly higher prices for railroad transportation.
2- A holding company
A) minimizes competition by investing heavily in both the production and the distribution of products.
B) purchases and holds the assets of competitors so that those competitors have no capital or collateral to use for expansion.
C) controls competition by purchasing the production facilities of competitors and shutting them down.
D) is a legal entity that combines competing companies under a central administration.
3- J. P. Morgan's major economic legacy is
A) the economic theory of laissez-faire.
B) his model of corporate consolidation.
C) the founding of General Electric.
D) overcapitalization and deficit spending.
4- After the end of Reconstruction, the term solid South referred to
A) the states of the old Confederacy, which voted Republican in every election for the next seventy years.
B) the states of the old Confederacy, where most white voters remained loyal Democrats.
C) four southern states that voted as a bloc over the next decade.
D) the states of the old Confederacy, which continued to lobby for the reinstitution of slavery.
5- The nineteenth-century president who lost the election at the end of his first term and was reelected to a second term four years later was
A) Grover Cleveland.
B) Ulysses S. Grant.
C) Benjamin Harrison.
D) William McKinley.
6- Democrats dubbed the Republican-dominated fifty-first Congress the "Billion Dollar Congress" because it spent the nation's surplus
A) on large subsidies for farmers who had experienced more than three years of losses in their operations.
B) on lawmakers' own constituents.
C) on programs to promote big business.
D) to compensate foreign nations for some of the revenue lost because of the tariff.