How Did Progressives React to Oil Tycoon John D

question 19

Multiple Choice

How did Progressives react to oil tycoon John D. Rockefeller's statement that "failures which a man makes in his life are due almost to some defect in his personality, some weakness of body, mind, or character, will, or temperament"?

• A) They believed the rich had rejected the values that prevented individualism from turning into selfishness.
• B) They worried that the growing divide between the "haves" and "have-nots" put them in a precarious position.
• C) They were concerned that a classless paradise without private property would lead to the loss of their homes and small businesses.
• D) They wanted to find a way to end both industrial exploitation and the steady stream of strikes that disrupted their daily lives.

Understand the impact of asset revaluation and the resulting effect on depreciation expenses.

Recognize the financial statement presentation and disclosure requirements for property, plant, and equipment.

Understand and apply the double-declining-balance and straight-line methods of depreciation.

Distinguish between different types of assets: fixed assets, intangible assets, natural resources, and none of these.

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Definitions:

Russian Revolution

A series of political upheavals in Russia in 1917, leading to the overthrow of the Tsarist autocracy and the establishment of a communist government under the Bolsheviks.

Soviet Union

A federal socialist state in Eurasia that existed from 1922 to 1991, known officially as the Union of Soviet Socialist Republics (USSR), and was a major world power during the 20th century.

Anticommunism

Opposition to communism, typically manifested in policies or practices aimed at preventing the spread of communist ideology.

Great Steel Strike

A significant labor conflict in the United States that occurred in 1919, involving over 350,000 steelworkers who went on strike demanding better wages, working conditions, and the right to unionize.