3.08 Quiz How Big Is Too Big

Question: What impact did Andrew Carnegie and John D. Rockefeller have on the American economy in the last half of the 1800s?

Answer: They established and dominated the new steel and oil industries.

Question: How did railroads influence modern businesses practices?

Answer: Their owners formed corporations, oversaw complex processes, and sold huge amounts of stocks and bonds.

Question: What is a monopoly?

Answer: complete control of a commodity, business, or product

Question: Which inventor is incorrectly paired with an invention?

Answer: telegraph machine—Alexander Graham Bell

Question: What was the most common impact of new inventions on American life?

Answer: They made life easier, more productive, and more profitable.

Question: What were two practices used to develop monopolies?

Answer: controlling all the steps in a business process and driving out all the competitors

Question: Which of the following titans of industry played a major role in holding the economic system together with his banking and business practices?

Answer: J.P. Morgan

Question: Which of the following was an attempt to restrict a monopoly of the oil industry in the United States?

Answer: Sherman Antitrust Act

Question: Andrew Carnegie’s Gospel of Wealth is based on the premise that the wealthy should be the “agent for his poorer bretheren.” In other words, what did Carnegie urge other rich businessmen to do?

Answer: donate their money to fund causes they deemed worthy

Question: Whose stories promoted the idea that a person could be successful with hard work and honesty?

Answer: Horatio Alger