AnswersSOC321 US History Sem 1 25-26Failures of Reconstruction

Trusts and Big Business Answers

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1
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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.
2
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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
3

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.
4

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.
5

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.
6

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.
7

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.
8

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.
9

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.
10

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

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

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