AnswersUS History_A_ICTrusts and Big Business

Trusts and Big Business Answers

19 verified answers
1
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2
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By 1900, Andrew Carnegie controlled about 25% of the nation’s output.

Answer:

steel, steal

3

The person in this photo is

A
Andrew Carnegie.
B
John D. Rockefeller.
4

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5

According to this graphic, Carnegie used 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.
9

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.
10

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.
13

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.
14

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15

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

A
vertical
B
horizontal
16

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.
17

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
18

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
31

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.
32

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

A
the government
B
Carnegie Steel
C
Standard Oil
33

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.
36

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.
37

The business leaders’ philosophy is called

A
laissez-faire government
B
regulatory government
C
economic government

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