Andrew Carnegie and the Rise of the Steel Industry

What was a key factor in the United States' economic rise in the late 1800s?

• The discovery of oil

• The expansion of the textile industry

• The supply of cheap and plentiful steel

• The invention of the automobile

How did Andrew Carnegie view competition in business?

• As a necessary evil

• As beneficial for ensuring the survival of the fittest

• As a threat to be eliminated

• As irrelevant to success

What was the result of JP Morgan's acquisition of Carnegie Steel?

• The diversification into other industries

• The formation of a monopoly known as US Steel

• The creation of a new steel company called SteelCo

• The immediate collapse of the steel market

What economic concept did US Steel exemplify after its formation?

• Inflation control

• Monetary policy

• Economies of scale

• Supply and demand

What did Andrew Carnegie dedicate his life to after selling his steel company?

• Writing a memoir

• Traveling the world

• Philanthropy and charitable deeds

• Starting a new business