Day 2 Question set 1

How could Carnegie sell steel cheaper, made in the US, than his competitors in Great Britain?

• By using the Bessemer Process

• By having it made in America

• Tariffs hurt Britains trade in the US

• Henry Clays American System made it faster to ship

Vertical or Horizontal... I own all the materials you need to get your business started. If you want to make money, you HAVE to buy what you need from me first.

• Vertical

• Horizontal

Vertical or Horizontal... I buy your business, because I can, and now I own the entire market. You made money to start, and now I am making the money because you hit your ceiling!

• Vertical

• Horizontal

Which of the following is the BEST explanation of Philanthropy?

• A Robber Baron builds a house for his family, because they cannot be living with the poor in bad areas

• A Captain of Industry donates large sums of money to their own foundation to be able to hide money on their tax returns

• A large business owner donates a significant portion of their earnings to charity, to show love to the city(s) that they are in. You dont give poor people money, you give them things they need.

• Business owners dont take part in Philanthropy. They line their pockets with money and then give it to their friends in times of need.

Which of the following texts did Carnegie write, that explained how business owners should practice philanthropy?

• The Jungle

• Uncle Tom's Cabin

• The Gospel of Wealth

• The Giver

Rockefeller made his money in the ​ (a)   industry, and was smart to call his business conglomerates ​ (b)   instead of monopolies.

• Petroleum
• trusts
• agriculture
• cartels
• textiles

As a business owner, your goal is to get rid of this. Without this you can make prices whatever you want and it actually hurts the consumer, but helps you make money!

• Competition

• Monopolies

• Taxes

• Laissez - Faire System

Which of the following are characteristics of Cornelius Vanderbilt? (select 2)

• Created Grand Central Depot

• Provided thousands of jobs during a recession

• Established the Transcontinental Railroad in 1867

• Hired large numbers of Chinese immigrants

JP Morgan not only controlled the banking system, but eventually he bought the ​ (a)   industry from ​ (b)   .

• steel
• Carnegie
• airlines
• Johnson
• Brown
• banks

Which of the following is the BEST explanation of Social Darwinism in business?

• Social Darwinism is the application of Darwinian principles to social and economic issues, justifying inequality and competition.
• Social Darwinism advocates for government intervention in the economy.
• Social Darwinism is a scientific theory about animal evolution.
• Social Darwinism promotes social equality and cooperation.