Industrial Era #1

Cornelius Vanderbilt was a leader in what industry?

• Oil

• Railroads

• Steel

• Banking

What part of the definition of economics would have been addressed by the railroads?

• Distribution

• None of these

• Production

• Consumption

What was a common strategy of railroads to make more money (be more profitable)

• Consolidate lines

• Offer rebates to largest customers

• Lower rates to drive out smaller lines

• All of these

The oil refining industry was controlled by.....

• JP Morgan

• Andrew Carnegie

• Henry Ford

• John Rockefeller

What is the raw material/natural resource that leads to kerosene and gasoline?

To control the oil refining industry what tactic was used most commonly?

• Take out the competition with force if necessary

• Buy up the competition (smaller refineries)

• Unite with the competition

• None of these

What was the most common product used from oil refining in the late 1800's?

• kerosene

• gasoline

• naptha

• cooking oil

The oil refining operation was based in and around what city?

• Atlanta, GA

• NYC

• Cleveland, OH

• Pittsburgh, PA

When the railroad leaders decided to stop giving rebates to Rockefeller what did he do?

• sold his refineries

• began building pipelines

• bought his own railroad line

• all of the above

When one company, such as Standard Oil, controls nearly the entire business of an industry it is called

a...

• monopoly

• pool

• corporation

• rebate