An Age of Big Business

What was the primary use of petroleum in Western Pennsylvania before the 1850s?

• As a beverage

• For lighting and heating

• As a construction material

• For transportation

What led to the creation of the multimillion-dollar petroleum industry in 1859?

• The invention of the automobile

• The discovery of gold in California

• Edwin L. Drake drilling a well in Titusville, Pennsylvania

• The establishment of railroads

Which of the following were considered the factors of production according to economists in the 1800s?

• Land, labor, and capital

• Technology, management, and labor

• Capital, entrepreneurship, and technology

• Management, technology, and land

What role did corporations play in the growth of industry in the late 1800s?

• They decreased the overall production

• They were primarily involved in agriculture

• They helped fuel industry growth by forming large organizations

• They limited the expansion of railroads

How did shareholders benefit financially from their investments in corporations?

• By receiving dividends

• By obtaining loans

• By earning wages

• By purchasing more shares at lower prices

What strategy did John D. Rockefeller use to dominate the oil industry through Standard Oil Company?

• Vertical integration

• Horizontal integration

• Diversification

• Outsourcing

What was the main purpose of the Bessemer process in the steel industry?

• To increase the weight of steel

• To decrease production costs

• To improve the color of steel

• To reduce the size of steel products

By 1900, what percentage of the nation's steel was produced by Carnegie Steel Company?

• About 25%

• About 33%

• About 50%

• About 75%

What did the Sherman Antitrust Act make illegal?

• The formation of labor unions

• The use of child labor

• Trusts and monopolies

• Importing steel

Which philanthropic effort was NOT funded by Rockefeller?

• Building more than 2,000 libraries

• Founding the University of Chicago

• Establishing Carnegie Hall

• Founding the Rockefeller Institute for Medical Research