
7.1B: Monopolies
Flashcard
•
History
•
11th Grade
•
Practice Problem
•
Hard
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1.
FLASHCARD QUESTION
Front
All of the following describe a monopoly EXCEPT: monopolies control all of an industry, monopolies can set their own price for a product, monopolies have no competition, monopolies are beneficial for consumers by ensuring fair prices
Back
monopolies are beneficial for consumers by ensuring fair prices
2.
FLASHCARD QUESTION
Front
Standard Oil was controlled by which business leader?
Back
John D. Rockefeller
3.
FLASHCARD QUESTION
Front
In the Gilded Age, the steel industry was controlled by which business leader?
Back
Andrew Carnegie
4.
FLASHCARD QUESTION
Front
What does this political cartoon show about Standard Oil during the Gilded Age?
Back
that the monopoly was unfairly influencing the government and other industries
5.
FLASHCARD QUESTION
Front
Vertical integration is
Back
owning part of every step of production so you never have to go outside your own company to create your product; this allows the company to cut costs and drive other companies out of business
6.
FLASHCARD QUESTION
Front
Horizontal integration is
Back
owning the majority of a product so that consumers have no choice but to come to your business if they want that product
7.
FLASHCARD QUESTION
Front
John D. Rockefeller used _______________ to control the oil industry.
Back
both horizontal and vertical integration
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