AnswersMO-US History II AImpact of Reconstruction

Trusts and Big Business Answers

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1
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How did Carnegie’s early job with the railroads greatly contribute to his success in the steel business?

A
It helped him predict that the demand for steel to build railroad tracks and bridges was growing.
B
It taught him how to lay railroad tracks with steel.
C
The Pennsylvania Railroad Company was his best customer when he built his business.
D
The Pennsylvania Railroad Company paid him well enough to eventually invest in his own business.
2
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A government is laissez-faire when it

A
does not interfere with business affairs and does not regulate its actions.
B
fairly regulates businesses.
C
leaves workers alone and doesn’t regulate unions.
D
fairly regulates workers.
3

Why was Carnegie Steel considered a vertical monopoly?

A
The company controlled every step of steel production, from raw materials to distribution.
B
The company controlled all the steel plants in the country.
C
The company was able to produce more steel than any other steel company in the world.
D
The company became the only source of steel after competitors went out of business.
4

How was Rockefeller able to build his monopoly across the oil industry?

A
He bought up oil refineries, cut costs, and reinvested his profits in other refineries.
B
He confined his business to Ohio so he could buy all the refineries there.
C
He found newer and cheaper ways to refine oil, increasing his profits.
D
He began to sell kerosene as well as oil, expanding his market.
5

During the Gilded Age, how did the US Congress act to regulate business practices?

A
Congress did not pass laws that would control the growth of monopolies.
B
Congress was concerned about workers, so they passed laws that guaranteed a minimum wage.
C
Congress passed laws that ensured workplace safety.
D
Congress passed laws that supported laissez-faire policies to help businesses grow.
6

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

A
It barely regulated businesses at all.
B
It strictly regulated the railroad industry, but left other businesses alone.
C
It regulated the steel industry and the railroad industry, but no other businesses.
D
It strictly regulated all businesses.
7

Why did government officials allow monopolies to operate without strong regulations during the Gilded Age?

A
They believed monopolies were responsible for the growth of the economy.
B
They believed monopolies would keep competition alive.
C
They believed monopolies would treat their workers well.
D
They believed monopolies were the most successful way for businesses to make a profit.
8

Why was the Cleveland Massacre significant in the formation of Standard Oil?

A
Standard Oil significantly improved its business practices after the Cleveland Massacre.
B
Standard Oil became a monopoly in the Cleveland oil market after the Massacre.
C
Standard Oil was bought out by other Cleveland companies after the Massacre.
D
Standard Oil closed down after the Cleveland Massacre.
9

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

A
Monopolies are formed when they buy out their competition in a market.
B
Competition in the market helps monopolies to develop.
C
Competition in the market ensures that monopolies charge fair prices.
D
Monopolies thrive when they have competition.
10

What made Standard Oil a horizontal integration monopoly?

A
It owned ninety percent of US oil refineries.
B
It controlled all aspects of oil production.
C
It operated all across the United States.
D
It formed a trust.

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