AnswersOC27 US History-2100310-S1-MeadowsTrusts and Big Business

2.6 Trusts and Big Business Answers

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1
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The person in this photo is✔ Andrew Carnegie.John D. Rockefeller.

A
✔ Andrew Carnegie.
B
John D. Rockefeller.
2
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The person in this photo is Andrew Carnegie.✔ John D. Rockefeller.

A
Andrew Carnegie.
B
✔ John D. Rockefeller.
3

John D. Rockefeller built a monopoly in the industry.

Answer:

oil

4

By 1900, Andrew Carnegie controlled about 25% of the nation’s output.

Answer:

steel, steal

5

According to this graphic, Carnegie used ✔ verticalhorizontal integration to form his monopoly.

A
✔ vertical
B
horizontal
6

Why was Carnegie Steel considered a monopoly?

A
It controlled every step of steel production.
B
It produced more steel than any other steel company in the world.
C
It controlled all of the steel plants in the country.
7

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

A
Carnegie cut corners in his production, lowering his costs.
B
Carnegie invented the Bessemer process, which let him produce steel less expensively.
C
Carnegie cut his costs by owning sources of raw materials and the means of production and distribution.
8

How did introducing the Bessemer process to Carnegie’s plants help him develop his monopoly?

A
It allowed him to produce high-quality steel, which increased demand for his product.
B
It lowered his transportation costs, which lowered his costs of production.
C
It enabled him to produce steel with fewer workers, which cut his labor costs.
9

How did Carnegie build his monopoly? Check all of the boxes that apply.

A
He cut costs to drive down steel prices, forcing competitors out of business.
B
He bought competitors who had created new innovations in the industry.
C
He purchased refineries across the country to control the nation’s oil production.
10

According to the underlined text, what does Carnegie believe is essential for human progress?

A
free and fair competition
B
monopolies
C
equality in society
11

John D. Rockefeller used vertical✔ horizontal integration to form his monopoly, Standard Oil.

A
vertical
B
✔ horizontal
12

How was Rockefeller able to build a monopoly in the oil industry?

A
He found newer and cheaper ways to refine oil to increase his profits.
B
He bought up oil refineries, cut costs, and reinvested his profits in other refineries.
C
He began to sell kerosene as well as oil, expanding his market.
13

To grow his corporation, Rockefeller designed a new type of company called a(n) entrepreneurship✔ trustlimited liability company.

A
entrepreneurship
B
✔ trust
C
limited liability company
14

What is a trust?

A
a business that buys other businesses
B
a large company or combined businesses that together control a specific market
C
a large company that consists of two merged businesses
15

Which statement best represents Rockefeller’s business philosophy?

A
Rockefeller believed that it was his right to make as much money as he possibly could and that he should keep the money he made.
B
Rockefeller believed that his gift of making money came from his hard work.
C
Rockefeller believed that his ability to make money was a gift and that he could use his wealth to help others.
16

What does the octopus in this political cartoon represent? the governmentCarnegie Steel✔ Standard Oil

A
the government
B
Carnegie Steel
C
✔ Standard Oil
17

How did the creator of this cartoon depict Standard Oil? Check all of the boxes that apply.

A
Standard Oil was good for the economy.
B
Standard Oil was controlling the government.
C
Standard Oil was engaged in unfair business practices.
18

Why did Americans dislike monopolies? Check all of the boxes that apply.

A
Monopolies led to increased competition in business.
B
Monopolies resulted in higher prices for consumers.
C
Monopolies controlled workers’ wages and salaries.
19

The business leaders’ philosophy is called

A
laissez-faire government
B
regulatory government
C
economic government

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