AnswersWV-US StudiesManifest Destiny

Monopolies and Trusts Answers

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How do monopolies affect the price of goods?

A
Monopolies always result in higher consumer prices.
B
Monopolies always result in lower consumer prices.
C
Monopolies have no effect on the cost of goods.
D
Monopolies can lower and raise their prices at will.
2
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During the Gilded Age, how did the US Congress act to increase business competition?

A
Congress passed laws that would control the growth of monopolies.
B
Congress passed laws that guaranteed a minimum wage.
C
Congress passed laws that ensured workplace safety.
D
Congress passed laws that supported laissez-faire policies.
3

What was the main reason that Carnegie invested in the Frick Coke Company?

A
He wanted to make sure he could always get fuel for his steel plant.
B
He thought he could help the company become profitable.
C
He wanted to invest in new technology.
D
He was interested in the coal business.
4

Which company was a monopoly during the Gilded Age?

A
Carnegie Steel
B
Microsoft
C
AT&T
D
Allegheny Steel
5

The Cleveland Massacre was

A
a takeover by Standard Oil of the refineries in Cleveland.
B
a labor dispute at Standard Oil in Cleveland that turned violent.
C
an attempt to stop Standard Oil from becoming a monopoly.
D
a failed attempt by Standard Oil to take over other refineries.
6

What was the core business that made Standard Oil a horizontally integrated monopoly?

A
refining oil
B
transporting oil to customers
C
building oil pipelines
D
finding new uses for oil
7

How much did the government regulate business practices during the Gilded Age?

A
It barely regulated businesses at all.
B
It strictly regulated the railroad industry, but left other businesses alone.
C
It regulated the steel industry and the railroad industry, but no other businesses.
D
It strictly regulated all businesses.
8

How was Rockefeller able to build his monopoly across the oil industry?

A
He bought up oil refineries, cut costs, and reinvested his profits in other refineries.
B
He confined his business to Ohio so he could buy all the refineries there.
C
He found newer and cheaper ways to refine oil, increasing his profits.
D
He began to sell kerosene as well as oil, expanding his market.
9

What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?

A
combining his companies into one company and controlling all aspect of steel production
B
focusing on a single aspect of steel production
C
using profits to support charities and greatly improving his reputation
D
increasing his profits every year
10

Which statement is true about the relationship between a monopoly and its competition in a market?

A
Monopolies are formed when businesses buy out their competition in a market.
B
Competition in the market helps monopolies to develop.
C
Competition in the market ensures that monopolies charge fair prices.
D
Monopolies thrive when they have competition.

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