Trusts and Big Business — Quiz

Question 1

How did working on a job on the railroad as a young man help Andrew Carnegie become a success later in life?

Revolt · Accepted Answer

It helped him see the increased need for steel.

Question 2

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

Revolt · Accepted Answer

refining oil

Question 3

In which business did Andrew Carnegie create a monopoly?

Revolt · Accepted Answer

the steel business

Question 4

Which company was a monopoly during the Gilded Age?

Revolt · Accepted Answer

Carnegie Steel

Question 5

Which best defines a trust?

Revolt · Accepted Answer

A trust is a large company or business combination that controls a market.

Question 6

Why was Carnegie Steel an example of vertical integration?

Revolt · Accepted Answer

The company controlled every step of steel production and distribution.

Question 7

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

Revolt · Accepted Answer

Monopolies forced small businesses to shut down.

Question 8

How did John D. Rockefeller vertically integrate his monopoly in 1882?

Revolt · Accepted Answer

He created a trust that controlled oil wells, refineries, and distribution networks.

Question 9

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

Revolt · Accepted Answer

They saw the price of goods rise as their wages decreased.

Question 10

Which statement best describes Standard Oil in the late 1800s?

Revolt · Accepted Answer

Standard Oil owned ninety percent of all oil refineries in the United States.

Trusts and Big Business — Quiz Answers