AnswersRMA FL-2100310-United States History Semester 1New American Industries

Trusts and Big Business Answers

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1
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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.
2
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In the Gilded age, how did monopolies affect many small businesses?

A
Monopolies helped small businesses grow.
B
Monopolies forced small businesses to shut down.
C
Monopolies had no effect on small businesses.
D
Monopolies provided customers for small businesses.
3

Which company was a monopoly during the Gilded Age?

A
Carnegie Steel
B
Microsoft
C
AT&T
D
Allegheny Steel
4

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.
5

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.
6

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
7

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.
8

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.
9

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.
10

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.

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