The Rise of John D. Rockefeller and Standard Oil

What dual image did John D. Rockefeller have during his time?

• A hero and a savior

• A philanthropist and a villain

• A businessman and a politician

• A scientist and an inventor

What major infrastructure development helped unify the United States from east to west?

• The Interstate Highway System

• The Panama Canal

• The Transcontinental Railroad

• The Erie Canal

How did John D. Rockefeller initially enter the oil industry?

• By drilling his own oil wells

• By refining oil into kerosene

• By selling oil drilling equipment

• By investing in oil transportation

What was the Cleveland Massacre in the context of Standard Oil?

• A violent labor strike

• A major oil spill

• The acquisition of 22 out of 26 competitors

• A government crackdown on monopolies

What business strategy did Andrew Carnegie use to dominate the steel industry?

• Outsourcing

• Franchising

• Vertical integration

• Horizontal integration

What is horizontal integration?

• Expanding into new markets

• Reducing production costs

• Buying out competitors to control a market

• Owning all stages of production

What was the unofficial motto of Standard Oil?

• Let us compete

• Let us pray

• Let us expand

• Let us innovate

What concept justified the wealth of industrialists like Rockefeller?

• The American Dream

• Manifest Destiny

• Trickle-down economics

• Social Darwinism

What was the government's approach to the economy during the Gilded Age?

• Socialism

• Regulation

• Protectionism

• Laissez-faire

What happened to Standard Oil in 1911?

• It went bankrupt

• It merged with another oil company

• It was broken up into 34 companies

• It was nationalized