AnswersCA-MS United States History and Geography Growth and Conflict BTrusts and Big Business

Trusts and Big Business Answers

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1
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What was the main reason why Andrew Carnegie invested in a coke company?

A
Carnegie wanted to get fuel for his steel plant.
B
Carnegie thought he could help the company.
C
Carnegie wanted to invest in new technology.
D
Carnegie was interested in the oil business.
2
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Which of the following best defines a trust?

A
A trust is a large company or business combination that controls a market.
B
A trust is a large company that consists of two merged businesses.
C
A trust is a business that competes with other businesses in its market.
D
A trust is made of multiple businesses that combine and operate in one state.
3

Which of the following was an effect of the government’s laissez-faire policy during the Gilded Age?

A
fixed prices
B
flexible prices
C
flexible wages
D
few raw materials
4

John D. Rockefeller was an entrepreneur, which means he

A
gave money to help people in need.
B
controlled the market for a product.
C
worked for a small business.
D
started his own business.
5

Why was Carnegie Steel an example of vertical integration?

A
The company controlled every step of steel production and distribution.
B
The company controlled all of the steel plants in the United States.
C
The company was able to produce more steel than other companies.
D
The company became the only source of steel after competitors failed.
6

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

A
monopolies would treat their laborers well.
B
monopolies would keep competition alive.
C
monopolies were helping the economy grow.
D
monopolies were the best way to make a profit.
7

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

A
foreign policy affecting trade.
B
economic policy affecting business.
C
educational policy affecting schools.
D
domestic policy affecting social reform.
8

How did the Cleveland Massacre impact Standard Oil in 1872?

A
Standard Oil hired all the laborers who were nearly killed during the Cleveland Massacre.
B
Standard Oil became a monopoly in the Cleveland oil market after the Cleveland Massacre.
C
Standard Oil was bought out by other companies in the city after the Cleveland Massacre.
D
Standard Oil closed down to avoid additional violence in the wake of the Cleveland Massacre.
9

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

A
Excelsior Works was Rockefeller’s first oil refinery, while Standard Oil was the huge corporation he later developed.
B
Standard Oil was Rockefeller’s first oil refinery, while Excelsior Works was the huge corporation he later developed.
C
Excelsior Works was part of Rockefeller’s steel-making business, while Standard Oil was part of Rockefeller’s oil-refining business.
D
Standard Oil was part of Rockefeller’s steel-making business, while Excelsior Works was part of Rockefeller’s oil-refining business.
10

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

A
Standard Oil controlled only a small number of the nation’s oil refineries.
B
Standard Oil was a single business that operated in a small region.
C
Standard Oil controlled only the means and methods of oil production.
D
Standard Oil owned ninety percent of all oil refineries in the United States.

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