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

Trusts and Big Business Answers

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Which company was a monopoly during the Gilded Age?

A
Carnegie Steel
B
Microsoft
C
AT&T
D
Allegheny Steel
2
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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
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

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.
5

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.
6

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.
7

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.
8

During the Gilded Age, how did the US Congress act to regulate business practices?

A
Congress did not pass laws that would control the growth of monopolies.
B
Congress was concerned about workers, so they passed laws that guaranteed a minimum wage.
C
Congress passed laws that ensured workplace safety.
D
Congress passed laws that supported laissez-faire policies to help businesses grow.
9

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.
10

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.
11

What is the main reason that the American public turned against monopolies?

A
They saw the price of goods rise as their wages decreased.
B
They saw the price of goods rise as their wages increased.
C
They resented the wealth of the big business owners.
D
They were concerned about smaller businesses.
12

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
13

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.
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.
15

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
16

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.
17

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.
18

Why did government officials allow monopolies to operate without strong regulations during the Gilded Age?

A
They believed monopolies were responsible for the growth of the economy.
B
They believed monopolies would keep competition alive.
C
They believed monopolies would treat their workers well.
D
They believed monopolies were the most successful way for businesses to make a profit.
19

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.
20

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.

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