Andrew Carnegie and the Rise of Big Business Test | Final Test - Easy

Harold C. Livesay
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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Cost information enables cost-cutting per unit by __________________________ at the same output level.
(a) Increasing the speed of materials flow and increasing labor cost.
(b) Decreasing the speed of materials flow and decreasing labor cost.
(c) Increasing the speed of materials flow and decreasing labor cost.
(d) Decreasing the speed of materials flow and increasing labor cost.

2. Carnegie's pace of ___________ replacement needs continuous reinvestment of profits to the exclusion of significant dividend payments.
(a) Management.
(b) Equipment.
(c) Policy.
(d) Employee.

3. Phipps sees possible gains in other operations and encourages Carnegie to hire who?
(a) A full-time physicist.
(b) A full-time conservationist.
(c) A full-time biologist.
(d) A full-time chemist.

4. Carnegie forces another _____________ partners out until only Schwab survives, while bringing in "young geniuses" who prove their merit on cost sheets.
(a) Fifteen.
(b) Eleven.
(c) Thirteen.
(d) Nine.

5. The 1878 Thomas process of lime-lining the heating vessel to eliminate phosphorous is acquired by Carnegie and sold to who two years later?
(a) The John D. Rockefeller Association.
(b) The Mellon Association.
(c) The Bessemer Association.
(d) The Roosevelt Association.

6. Carnegie leases the iron ore properties from this man. Why?
(a) To keep him happy.
(b) To retire slowly from the industry.
(c) To make him a partner.
(d) To keep him out of the steel business.

7. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.
(a) "Luke."
(b) "Lenny."
(c) "Lucy."
(d) "Larry."

8. Carnegie's methods in steel concentrate what?
(a) The first American industry.
(b) The beginnings of the American steel industry.
(c) The beginnings of pollution problems.
(d) The first industry in the world.

9. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Increased prices and reduced profitability.
(b) Increased prices and increased profitability.
(c) Reduced prices and reduced profitability.
(d) Reduced prices and increased profitability.

10. The start of ET construction coincides with what?
(a) Black Friday of 1873.
(b) The Panic of 1873.
(c) The Great Depression of 1873.
(d) The Crash of 1873.

11. He follows a policy of putting all his eggs in the same basket and doing what?
(a) Worrying about it.
(b) Watching it.
(c) Forgetting about it.
(d) Ignoring it.

12. Small firms operate iron furnaces to smelt ore into _______ iron.
(a) Pig.
(b) Bull.
(c) Horse.
(d) Elephant.

13. Who rescues Merritt's Mesabi Range from bankruptcy?
(a) Thomas.
(b) Carnegie.
(c) Frick.
(d) John D. Rockefeller.

14. Frick's chairmanship of the Carnegie Company marks a difficult period in its history starting with what strike in 1892 and a four year depression from 1893.
(a) The Pullman Strike.
(b) UPS Workers Strike.
(c) Postal Worker's Strike.
(d) The Homestead Strike.

15. Carnegie feels confident enough in 1870 to do what?
(a) Expand the business.
(b) Buy new businesses.
(c) Sell the business.
(d) Make large changes in the business.

Short Answer Questions

1. William Coleman also shares Carnegie's interest and enthusiasm in what?

2. Holley's pre-production estimates and Shinn's voucher system provides Carnegie's Edgar Thomson Works with accurate profitability in its ________ month of operation.

3. Carnegie sells _____________ bonds to Junius Morgan in London to complete construction of the Edgar Thomson Works in 1875, and saves 25 percent in costs from the depression.

4. Carnegie is praised by labor leaders and Frick is considered _____________.

5. Corruption in construction of the Union Pacific Railroad is exposed with what scandal where congressmen get railroad stock to misuse public funds?

(see the answer keys)

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