|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. Carnegie hires the expert ____________ to put the Bessemer program in place and function as its works superintendent.
(a) Tom Scott.
(b) J. Edgar Hoover.
(c) John D. Rockefeller.
(d) Alexander Holley.
2. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.
3. Tom Miller is a _________ man who forms joint ventures with Carnegie in several small investments. They form Freedom Iron Company of Lewiston Pennsylvania in 1861 that Carnegie restructures into Freedom Iron and Steel to retool for the Bessemer process in 1866.
4. Carnegie follows the successful path of building through a depression and lack of customers by ________________.
(a) Increasing costs and decreasing output.
(b) Increasing costs and output.
(c) Driving costs down and increasing output.
(d) Driving costs and output down.
5. 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.
(b) $4 million.
6. Frick shares Carnegie's vision and drive but is self-righteous and lacks what?
(d) A sense of humor.
7. Cost information enables cost-cutting per unit by __________________________ at the same output level.
(a) Decreasing the speed of materials flow and decreasing labor cost.
(b) Increasing the speed of materials flow and decreasing labor cost.
(c) Increasing the speed of materials flow and increasing labor cost.
(d) Decreasing the speed of materials flow and increasing labor cost.
8. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.
9. Beginning in 1872, Carnegie focuses on the single project of his steel-rail rolling mill that is completed in _________.
10. American capitalism and democracy conflict in the fear that economic justice requires what?
(a) An active interventionist role for government.
(b) An inactive government.
(c) Small government.
(d) No government.
11. Corruption in construction of the Union Pacific Railroad is exposed with what scandal where congressmen get railroad stock to misuse public funds?
(b) The Hatch Act.
(c) Newport Scandal.
(d) The Credit Mobilier.
12. Phipps sees possible gains in other operations and encourages Carnegie to hire who?
(a) A full-time physicist.
(b) A full-time biologist.
(c) A full-time chemist.
(d) A full-time conservationist.
13. Carnegie's pace of ___________ replacement needs continuous reinvestment of profits to the exclusion of significant dividend payments.
14. Carnegie contributes __________ of the partnership total $741,000 in original capital to the firm he names "Carnegie, McCandless and Company" and names the mill "Edgar Thomson Works" (ET) for the first president of Pennsylvania Railroad.
(d) $2.5 million.
15. In __________, Carnegie has the most modern operation.
Short Answer Questions
1. William Coleman also shares Carnegie's interest and enthusiasm in what?
2. Carnegie corrects this deficiency by integrating _______________________.
3. This approach introduces ______________ into pricing and a methodology for investment planning.
4. Carnegie is praised by labor leaders and Frick is considered _____________.
5. As mills become more efficient, the need for raw material continues with deposits from _______________________.
This section contains 500 words
(approx. 2 pages at 300 words per page)