AnswersFL-2100310-United States History Sem 1Trusts and Big Business

Trusts and Big Business Answers

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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
2
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In which business did Andrew Carnegie create a monopoly?

A
the oil business
B
the automobile business
C
the telephone business
D
the steel business
3

A government is laissez-faire when it

A
does not interfere with business affairs and does not regulate its actions.
B
fairly regulates businesses.
C
leaves workers alone and doesn’t regulate unions.
D
fairly regulates workers.
4

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.
5

Why was Carnegie Steel able to offer its product more cheaply than its competitors?

A
Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.
B
Carnegie cut corners in his production, lowering his costs.
C
Carnegie made an inferior product, so it was less expensive to produce.
D
Carnegie introduced the Bessemer process, which decreased the cost of production.
6

When an industry was monopolized by one company or trust during the Gilded Age, what happened to workers’ wages?

A
Workers often earned less because fewer businesses were competing for their services.
B
Workers often earned less because more businesses were competing for their services.
C
Workers often earned more because fewer businesses were competing for their services.
D
Workers often earned more because more businesses were competing for their services.
7

How did Carnegie’s early job with the railroads greatly contribute to his success in the steel business?

A
It helped him predict that the demand for steel to build railroad tracks and bridges was growing.
B
It taught him how to lay railroad tracks with steel.
C
The Pennsylvania Railroad Company was his best customer when he built his business.
D
The Pennsylvania Railroad Company paid him well enough to eventually invest in his own business.
8

Why was the Cleveland Massacre significant in the formation of Standard Oil?

A
Standard Oil significantly improved its business practices after the Cleveland Massacre.
B
Standard Oil became a monopoly in the Cleveland oil market after the Massacre.
C
Standard Oil was bought out by other Cleveland companies after the Massacre.
D
Standard Oil closed down after the Cleveland Massacre.
9

How did the Bessemer process contribute to the development of Carnegie’s monopoly?

A
It allowed Carnegie to produce higher quality steel more quickly, which increased demand.
B
It made transportation of steel faster and more efficient, lowering Carnegie’s costs.
C
It allowed Carnegie to cut his cost of labor, increasing his profits.
D
It allowed Carnegie to replace coal as a fuel supply, cutting his costs.
10

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.
11

What made Standard Oil a horizontal integration monopoly?

A
It owned ninety percent of US oil refineries.
B
It controlled all aspects of oil production.
C
It operated all across the United States.
D
It formed a trust.
12

In the Gilded age, how did monopolies affect many small businesses?

A
Monopolies helped small businesses grow.
B
Monopolies forced small businesses to shut down.
C
Monopolies had no effect on small businesses.
D
Monopolies provided customers for small businesses.
13

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.
14

Why was Carnegie Steel considered a vertical monopoly?

A
The company controlled every step of steel production, from raw materials to distribution.
B
The company controlled all the steel plants in the country.
C
The company was able to produce more steel than any other steel company in the world.
D
The company became the only source of steel after competitors went out of business.

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