AMSTA Exam Review

What are horizontal and vertical integration, and how do they impact competition?

Horizontal integration refers to the acquisition of companies at the same level of production, while vertical integration involves controlling the supply chain. Both can reduce competition by increasing market power.

What industry did Andrew Carnegie work in and what integration did he use?

Andrew Carnegie worked in the steel industry and primarily used vertical integration.

What industry did John D. Rockefeller work in and what integration did he use?

John D. Rockefeller worked in the oil industry and primarily used horizontal integration.

What is Laissez-Faire economics and its impact on the industrial revolution?

Laissez-Faire economics advocates minimal government intervention in business. It allowed industries to grow rapidly during the industrial revolution.

What is Social Darwinism and who supported it?

Social Darwinism applies the concept of natural selection to society. It was supported by industrialists justifying their wealth and success as 'survival of the fittest'.

What conflicts existed between big businesses and labor tactics?

Conflicts included strikes by labor unions and lockouts by businesses, with both sides employing tactics to gain leverage, like scabs for businesses and solidarity for unions.

What is collective bargaining and how is it used by labor unions?

Collective bargaining is the negotiation process between employers and a group of employees aimed at agreements on working conditions and wages.

How did industrialization impact social class divisions?

Industrialization increased wealth disparity, creating a larger gap between the rich industrialists and the working poor.

What are Progressive Voting Reforms?

Progressive Voting Reforms aimed to increase voter participation and reduce corruption in the electoral process. Key components included the introduction of the secret ballot, which protected voters' choices; the establishment of direct primaries to allow voters to select party nominees; the implementation of initiatives and referendums giving citizens the power to propose or reject legislation; and the establishment of voter registration laws to simplify the voting process. Political machines disliked these reforms because they threatened their control over the electoral process and reduced their influence.

What was William 'Boss' Tweed known for?

William 'Boss' Tweed was known for corrupt political practices and control over Tammany Hall in New York City.

What attitude towards immigration is expressed in the Statue of Liberty's quote?

The quote expresses a welcoming attitude towards immigrants, contrasting with the restrictive actions of the country at that time.

What is Americanization?

Americanization is the process of assimilating immigrants into American culture, exemplified by education programs teaching English.

In what ways did immigrants assimilate into American culture?

Immigrants assimilated through learning English and adopting American customs but often retained aspects of their original cultures.

How did political machines and immigrants help one another?

Political machines provided services and jobs to immigrants in exchange for their votes and political loyalty.

What was the outcome of the election of 1912?

The election of 1912 featured four major candidates, with Wilson winning due to the split in the Republican vote between Taft and Roosevelt.

What was the Federal Reserve Act?

The Federal Reserve Act established the central banking system of the United States, controlling monetary policy.

What is the Treaty of Versailles?

The Treaty of Versailles ended WWI, dictating reparations and territory changes, and created the League of Nations.

What initiated the Red Scare in the 1920s?

The Red Scare emerged from fears of communism, leading to increased scrutiny of immigrants and leftist ideologies.

How did FDR's New Deal seek to end the Great Depression?

FDR's New Deal included numerous programs aimed at economic recovery, job creation, and social supports to combat the effects of the Great Depression.

What unjust treatment did Japanese Americans face during WWII?

Japanese Americans were forcibly relocated into internment camps without due process, deemed a security threat during the war.

What was the impact of the atomic bomb dropped in WWII?

The atomic bomb caused massive destruction in Hiroshima and Nagasaki, leading to significant civilian casualties and ultimately the surrender of Japan.