Trusts and Big Business

Question 1

In which business did Andrew Carnegie create a monopoly?

Revolt · Accepted Answer

the steel business

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

Which company was a monopoly during the Gilded Age?

Revolt · Accepted Answer

Carnegie Steel

Question 4

Monopolies were legal in the United States until

Revolt · Accepted Answer

the 1890s.

Question 5

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 6

In Ohio in 1872, the Cleveland Massacre was

Revolt · Accepted Answer

a takeover by Standard Oil of the refineries in Cleveland.

Question 7

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 8

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 9

When an industry was monopolized by one company or trust during the Gilded Age, what happened to workers’ wages?

Revolt · Accepted Answer

Workers often earned less because the monopoly controlled wages.

Trusts and Big Business Answers