Trusts and Big Business

Question 1

What was the main reason why Andrew Carnegie invested in a coke company?

Revolt · Accepted Answer

Carnegie wanted to get fuel for his steel plant.

Question 2

Which of the following best defines a trust?

Revolt · Accepted Answer

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

Question 3

How did the Cleveland Massacre impact Standard Oil in 1872?

Revolt · Accepted Answer

Standard Oil became a monopoly in the Cleveland oil market after the Cleveland Massacre.

Question 4

In the late 1800s, how did Excelsior Works differ from Standard Oil?

Revolt · Accepted Answer

Excelsior Works was Rockefeller’s first oil refinery, while Standard Oil was the huge corporation he later developed.

Question 5

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.

Question 6

Which company was a monopoly during the Gilded Age?

Revolt · Accepted Answer

Carnegie Steel

Question 7

The term laissez-faire refers to the government’s approach, in the 1890s, to

Revolt · Accepted Answer

economic policy affecting business.

Question 8

The federal government allowed monopolies to operate freely during the Gilded Age because of the belief that

Revolt · Accepted Answer

monopolies were helping the economy grow.

Question 9

In Ohio in 1872, the Cleveland Massacre was

Revolt · Accepted Answer

a takeover by Standard Oil of the refineries in Cleveland.

Question 10

In which business did Andrew Carnegie create a monopoly?

Revolt · Accepted Answer

the steel business

Trusts and Big Business Answers