HST 303 7.07 Quiz

What impact did Andrew Carnegie and John D. Rockefeller have on the American economy in the late 1800s?

• They established and dominated the new steel and oil industries.

• As secretary of the treasury and secretary of labor, they oversaw the reconstruction process.

• They built the transportation industry and oversaw the completion of the transcontinental railroad.

• They created company towns to take care of their workers and provide adequate living conditions.

How did railroads influence modern businesses practices?

• They transported significant amounts of goods and built national marketing systems.

• By using cheap labor and holding down wages, railroad entrepreneurs served as models for the government.

• Their owners formed corporations, oversaw complex processes, and sold huge amounts of stocks and bonds.

• They brought together several giants of industry who formed a business coalition.

What is a monopoly?

• vertical integration that connects one business with another

• horizontal integration that connects one business with another

• complete control of a commodity, business, or product

• a plan to build competition throughout an industry

Which inventor is incorrectly paired with an invention?

• air brakes—George Westinghouse

• light bulb—Thomas Edison

• Kodak camera—George Eastman

• telegraph machine—Alexander Graham Bell

What was the most common impact of new inventions on American life?

• They increased costs and provided a basis for family disputes.

• They reduced costs, but made life more difficult.

• They created problems, increased pollution, and made life harder.

• They made life easier, more productive, and more profitable.

What were two practices used to develop monopolies?

• controlling all the steps in a business process and driving out all the competitors

• driving out all business competitors and charging tariffs for crossing state lines

• controlling all the steps in production and limiting transportation distances

• charging tariffs for crossing state lines and limiting transportation distances

Which of the following titans of industry played a major role in holding the economic system together with his banking and business practices?

• Cornelius Vanderbilt

• J.P. Morgan

• James Duke

• Jay Gould

Which of the following was an attempt to restrict a monopoly of the oil industry in the United States?

• Dingley Act of 1897

• Sherman Anti-Trust Act

• Interstate Commerce Commission

• McKinley Tariff of 1890

Which of the following is not a reason for the failures of the Interstate Commerce Act, the Sherman Anti-Trust Act, and the Dingley Act of 1897?

• The new regulations caused investors to lose money on their stocks.

• Wealthy companies used money and power to get around the new regulations.

• Big corporations created ways to appear to comply with the regulations when they really did not.

• Americans had no means of making the imported goods more inexpensively.

Use your completed Reading Guide to answer the question.

Which of the following could have been inspired by Andrew Carnegie's "Gospel of Wealth"?

• A wealthy family hosts a party for friends to encourage business networking.

• A railroad company charges a cattle farmer high shipping rates because there are no other competing rail lines in the area.

• A wealthy industrialist donates money to develop an institute for medical research.

• A company's monopoly in the transportation industry is dissolved, allowing new businesses to emerge.