Monopolies and Trusts

Question 1

Which company was a monopoly during the Gilded Age?

Revolt · Accepted Answer

Carnegie Steel

Question 2

What made Standard Oil a horizontal integration monopoly?

Revolt · Accepted Answer

It owned ninety percent of US oil refineries.

Question 3

During the Gilded Age, how did the US Congress act to increase business competition?

Revolt · Accepted Answer

Congress passed laws that would control the growth of monopolies.

Question 4

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

Revolt · Accepted Answer

refining oil

Question 5

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

Revolt · Accepted Answer

combining his companies into one company and controlling all aspect of steel production

Question 6

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

Revolt · Accepted Answer

It barely regulated businesses at all.

Question 7

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

Revolt · Accepted Answer

He wanted to make sure he could always get fuel for his steel plant.

Question 8

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

Revolt · Accepted Answer

Monopolies are formed when businesses buy out their competition in a market.

Question 9

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

Revolt · Accepted Answer

Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.

Question 10

The Cleveland Massacre was

Revolt · Accepted Answer

a takeover by Standard Oil of the refineries in Cleveland.

Monopolies and Trusts Answers