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Trusts and Big Business Answers

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What business practices contributed most to Andrew Carnegie’s ability to form a monopoly?

A
combining his companies into one company and controlling all aspect of steel production
B
focusing on a single aspect of steel production
C
using profits to support charities and greatly improving his reputation
D
increasing his profits every year
2
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In which business did Andrew Carnegie create a monopoly?

t
the oil business
t
the automobile business
t
the telephone business
t
the steel business
3

A government is laissez-faire when it

d
does not interfere with business affairs and does not regulate its actions.
f
fairly regulates businesses.
l
leaves workers alone and doesn’t regulate unions.
f
fairly regulates workers.
4

What was the main reason that Carnegie invested in the Frick Coke Company?

A
He wanted to make sure he could always get fuel for his steel plant.
B
He thought he could help the company become profitable.
C
He wanted to invest in new technology.
D
He was interested in the coal business.
5

Why was Carnegie Steel able to offer its product more cheaply than its competitors?

A
Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.
B
Carnegie cut corners in his production, lowering his costs.
C
Carnegie made an inferior product, so it was less expensive to produce.
D
Carnegie introduced the Bessemer process, which decreased the cost of production.
6

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

A
Workers often earned less because fewer businesses were competing for their services.
B
Workers often earned less because more businesses were competing for their services.
C
Workers often earned more because fewer businesses were competing for their services.
D
Workers often earned more because more businesses were competing for their services.
7

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

I
It helped him predict that the demand for steel to build railroad tracks and bridges was growing.
I
It taught him how to lay railroad tracks with steel.
T
The Pennsylvania Railroad Company was his best customer when he built his business.
T
The Pennsylvania Railroad Company paid him well enough to eventually invest in his own business.
8

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

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

How did the Bessemer process contribute to the development of Carnegie’s monopoly?

A
It allowed Carnegie to produce higher quality steel more quickly, which increased demand.
B
It made transportation of steel faster and more efficient, lowering Carnegie’s costs.
C
It allowed Carnegie to cut his cost of labor, increasing his profits.
D
It allowed Carnegie to replace coal as a fuel supply, cutting his costs.
10

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.
11

What made Standard Oil a horizontal integration monopoly?

I
It owned ninety percent of US oil refineries.
I
It controlled all aspects of oil production.
I
It operated all across the United States.
I
It formed a trust.
12

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

M
Monopolies helped small businesses grow.
M
Monopolies forced small businesses to shut down.
M
Monopolies had no effect on small businesses.
M
Monopolies provided customers for small businesses.
13

How do monopolies affect the price of goods?

A
Monopolies always result in higher consumer prices.
B
Monopolies always result in lower consumer prices.
C
Monopolies have no effect on the cost of goods.
D
Monopolies can lower and raise their prices at will.
14

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.
15

The Cleveland Massacre was

a
a takeover by Standard Oil of the refineries in Cleveland.
a
a labor dispute at Standard Oil in Cleveland that turned violent.
a
an attempt to stop Standard Oil from becoming a monopoly.
a
a failed attempt by Standard Oil to take over other refineries.
16

Which company was a monopoly during the Gilded Age?

C
Carnegie Steel
M
Microsoft
A
AT&T
A
Allegheny Steel
17

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

T
They saw the price of goods rise as their wages decreased.
T
They saw the price of goods rise as their wages increased.
T
They resented the wealth of the big business owners.
T
They were concerned about smaller businesses.

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