
Petroleum and Economic Concepts Quiz
Authored by Chike Ude2 undefined
Social Studies
8th Grade
Used 1+ times

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31 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What discovery in the 1850s made petroleum valuable?
It could be used to make plastic.
It was found to be a good fertilizer.
It could be burned to make heat and smoke-free light.
It was used as a food preservative.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who drilled the first successful oil well in Titusville, Pennsylvania?
John D. Rockefeller
Edwin L. Drake
Andrew Carnegie
Henry Ford
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the three factors of production according to economists?
Land, Labor, and Capital
Money, Machines, and Materials
Resources, Revenue, and Risk
Technology, Transportation, and Trade
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is horizontal integration?
Combining different types of businesses into one corporation
Combining competing companies of the same type into one corporation
Expanding a business into new markets
Reducing costs by outsourcing labor
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How did corporations help fuel the industry in the late 1800s?
By reducing the need for labor
By selling stocks to raise capital
By focusing on agriculture
By eliminating competition
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What business strategy did Rockefeller use to gain partial control of other companies?
Monopoly
Trust
Vertical Integration
Holding Company
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who was a leading figure in the steelmaking industry?
John D. Rockefeller
Henry Bessemer
Andrew Carnegie
Thomas Edison
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