Trusts and Big Business Answers

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In which business did Andrew Carnegie create a monopoly?

the oil business

the automobile business

the telephone business

the steel business

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

Carnegie made an inferior product, so it was less expensive to produce.

Carnegie cut corners in his production, lowering his costs.

Carnegie could cut his costs because he owned the supply of raw materials and the means of production and distribution.

Carnegie avoided using the Bessemer process, decreasing the cost of production.

What made Standard Oil a horizontal integration monopoly?

It owned ninety percent of US oil refineries.

It controlled all aspects of oil production.

It operated all across the United States.

It formed a trust.

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

He bought up oil refineries, cut costs, and reinvested his profits in other refineries.

He confined his business to Ohio so he could buy all the refineries there.

He found newer and cheaper ways to refine oil, increasing his profits.

He began to sell kerosene as well as oil, expanding his market.

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

It barely regulated businesses at all.

It strictly regulated the railroad industry, but left other businesses alone.

It regulated the steel industry and the railroad industry, but no other businesses.

It strictly regulated all businesses.

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