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

Trusts and Big Business Answers

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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.
2
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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.
3

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
4

In which business did Andrew Carnegie create a monopoly?

A
the oil business
B
the automobile business
C
the telephone business
D
the steel business
5

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.
6

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.
7

What was the core business that made Standard Oil a horizontally integrated monopoly?

A
refining oil
B
transporting oil to customers
C
building oil pipelines
D
finding new uses for oil
8

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.
9

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.
10

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.

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