SOL REVIEW

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SOL REVIEW

• Economic History

2
What was the 1862 Homestead Act?
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1. Law that gave free public land to settlers in
the western territories2. Settlers promised to
live on and farm this land for five years
4
What were economic and social results of
Reconstruction?
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1. South was devastated and bitter.2. North and
Midwest had strong industrial economies.
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What transportation improvement was completed in
1869?
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1st Transcontinental Railroad
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What did the transcontinental railroad do?
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Linked the Atlantic and Pacific Oceans by Rail
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What two new technologies in the late 19th
century opened new Western lands?
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1. Railroads2. Mechanical Reaper (harvested
wheat)
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What did Chinese immigrants help build?
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Transcontinental Railroad
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• What are
• two advantages
• of a corporation?

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1) Raise Capital 2) Limited Liability
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• What 18th century Scottish philosopher developed
  the
• laissez faire
• economic theory?

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Adam Smith
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• Who wrote
• Wealth of Nations?

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Adam Smith
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• What does
• laissez faire mean?

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1. An economic philosophy that says government
should leave business alone.2. Let business do
what it wants.3. Government should neither help
nor hinder business.
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• What does
• anti-trust mean?

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Anti-monopoly
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• What was the
• major weakness in the Sherman Anti-Trust Act?

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The wording was too vague.
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• What is a
• labor union?

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An organization of workers
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• In what major strike in the 1890s was the
• American Railway Union involved?

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The Pullman Strike
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• Who won
• the Pullman Strike?
• (the Pullman Company or
• the American Railway Union)

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the Pullman Company
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• What labor union was involved in the 1892
  Homestead Steel Strike?

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The AF of L (American Federation of Labor)
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• What union was
• blamed for the
• 1886 Haymarket Riot
• in Chicago?

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The Knights of Labor
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• What did the term
• trust mean during the late 19th and early 20th
  centuries?

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A business monopoly
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• What does the term monopoly mean?

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Absence of Competition
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• What industry was made more efficient by the
  development of the Bessemer process?

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Steel
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• Which side did government take in both the
  Haymarket Riot and the Pullman Strike?
• (Big Business or Labor?)

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Big Business
44
Define imperialism.
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One country gaining political or economic control
over another country
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What was the Open Door Policy?
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All nations would have equal trading rights in
China
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What president was known for Dollar Diplomacy?
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William Howard Taft
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What was Dollar Diplomacy?
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1. U.S. business would invest in Latin
America2. If necessary, U.S. would intervene
militarily in Latin America
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Name three examples of American economic
imperialism.
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1. Open Door Policy2. Dollar Diplomacy3.
Panama Canal
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• Who were the Muckrakers?

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Progressive writers who wrote about social and
political evils in late 19th and early 20th
century America.
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• What did the
• Clayton Anti-Trust Act?

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1. Outlawed price fixing2. Exempted unions from
the Sherman Anti-Trust Act
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• Which 19th century American labor union has
  survived until the present day?

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The A F of L. Today it is known as the
AFL-CIO.
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What is inflation?
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When prices increase and the dollar buys less
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What functions as the central bank of the United
States?
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The Federal Reserve System
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What controls the nations Money Supply?
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The Federal Reserve
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What does the Federal Reserve do to stop
inflation?
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Raise interest rates
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What does the Federal Reserve do if it believes
the economy is overheating and causing inflation?
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Raises interest rates
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What does the Federal Reserve do if it believes
the economy is slowing down?
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Lowers interest rates
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What is the largest stock market in the United
States?
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The New York Stock Exchange
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What is speculation?
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Buying something at a low price in the hope of
selling it later at a profit
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What does it mean to buy stock on margin?
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Buy stock on credit
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What event triggered the Great Depression?
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The Stock Market Crash
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What is a protective tariff?
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A tax on imports that is so high that Americans
cannot afford to buy foreign goods
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What was the Hawley-Smoot Tariff?
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1. Protective Tariff2. the Highest Tariff Rates
in History
84
What were three causes of the Great Depression?
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1. Overspeculation in stocks2. Collapse of the
banking system3. Hawley-Smoot Tariff
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What were four effects of the Great Depression?
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1. Unemployment and homelessness increased2.
Bank Closings the collapse of the nations
financial system3. Political Unrest4. Farm
Foreclosures
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What was the purpose of the New Deal Relief
programs?
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Ease the Suffering of the Unemployed
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What was the purpose of New Deal Recovery
programs?
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Help Business Recover
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Identify FDIC.
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Today insures bank deposits up to 100,000
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For what does FDIC stand?
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Federal Deposit Insurance Corporation
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For what did the Social Security Act provide?
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1. Unemployment Insurance2. Old-Age Pensions
98
What three rights did Organized Labor gain during
the New Deal?
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1. Right to form a Union2. Right to Strike3.
Minimum Wage
100
Since the New Deal, who do Americans hold
responsible for bringing prosperity to the U.S.
economy?
101
The federal government, especially the President
102
Identify the 1964 Civil Rights Act?
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1. Outlawed racial, religious, and sex
discrimination in public placesand by
employers i.e., No Job Discrimination No
Discrimination by hotels, motels, and
restaurants2. Gave the federal government more
power to enforce all civil rights laws