AnswersRMA FL-2100310-United States History Semester 1Trusts and Big Business

Trusts and Big Business Answers

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1
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Which company was a monopoly during the Gilded Age?

A
Carnegie Steel
B
Microsoft
C
AT&T
D
Allegheny Steel
2
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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
3

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.
4

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.
5

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.
6

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
7

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

A
They saw the price of goods rise as their wages decreased.
B
They saw the price of goods rise as their wages increased.
C
They resented the wealth of the big business owners.
D
They were concerned about smaller businesses.
8

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.
9

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
10

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

A
He bought up oil refineries, cut costs, and reinvested his profits in other refineries.
B
He confined his business to Ohio so he could buy all the refineries there.
C
He found newer and cheaper ways to refine oil, increasing his profits.
D
He began to sell kerosene as well as oil, expanding his market.

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