AMSCO Chapter 16 questions and answers graded A+

AMSCO Chapter 16 railroad - correct answers The nation's first big business, created a nationwide market for goods. This encouraged mass production, mass consumption, and economic specialization. (p. 320) Cornelius Vanderbilt - correct answers Called "Commodore", he used his millions earned from a steamboat business to merge local railroads into the New York Central Railroad, which ran from New York City to Chicago, operating 4,500 miles of track. (p. 320) transcontinental railroads - correct answers During the Civil War, Congress authorized land grants and loans for the building of the first railroad that crossed the entire country. The Union Pacific started in Omaha, Nebraska, and the Central Pacific started in Sacramento, California. On May 10, 1869, at Promontory Point, Utah, a golden spike was driven into the rail ties to mark the completion of the railroad. (p. 321) time zones - correct answers The United States was divided into four sections according to time in 1883 by the American Railroad Association in order to create standard and accurate arrival and departure times (p. 320) Panic of 1893 - correct answers Forced a quarter of all railroads into bankruptcy. J.P. Morgan and other bankers moved in to take control of bankrupt railroads and consolidate them. (p. 321) Andrew Carnegie - correct answers A Scottish emigrant, in the 1870s he started manufacturing steel in Pittsburgh. His strategy was to control every stage of the manufacturing process from mining the raw materials to transporting the finished product. His company Carnegie Steel became the world's largest steel company. (p. 323) vertical integration - correct answers A business strategy by which a company would control all aspects of a product from raw material mining to transporting the finished product. Pioneered by Andrew Carnegie. (p. 323) U.S. Steel - correct answers In 1900, Andrew Carnegie sold Carnegie Steel to a group headed by J. P. Morgan. They formed this company, which was the largest enterprise in the world, employing 168,000 people, and controlling more than three-fifths of the nation's steel business. (p. 323)