Guided Reading 3.3

Who was rewarded by Thomas A. Scott for relaying messages that unsnarled a tangle of freight and passenger trains?

• J.P. Morgan

• John D. Rockefeller

• Andrew Carnegie

• Thomas Edison

Andrew Carnegie was born in _________.

• Ireland

• Scotland

• England

• Wales

What was the belief in free markets during the late 1800s in the United States?

• Strict government control

• Free enterprise

• Socialism

• Communism

In laissez-faire capitalism, companies are allowed to conduct business without ______.

• Competition

• Innovation

• Government intervention

• Profit

What is one of the main strategies Andrew Carnegie used to control the steel industry?

• Horizontal integration

• Vertical integration

• Outsourcing

• Franchising

In the context of business strategies, ________ integration involves buying out suppliers to control raw materials and transportation systems.

• A) Vertical

• B) Horizontal

• C) Lateral

• D) Diagonal

What is a corporation?

• A) A business owned by investors who buy part of the company through shares of stock.

• B) A single seller of a product, good, or service.

• C) Competing companies put control of their businesses under a single group of trustees.

• D) An arrangement where companies in the same industry divide up the businesses.

In the context of business organizations, a trust is when competing companies put control of their businesses under a single group of ______.

• investors

• trustees

• sellers

• managers

Who was John D. Rockefeller's oldest son who succeeded him in the family business?

• William

• John D. Jr.

• Andrew

• Morgan

John D. Rockefeller's company, Standard Oil, controlled 90 percent of the refining business within a decade. This is an example of a ______.

• Monopoly

• Oligopoly

• Partnership

• Corporation