|Name: _________________________||Period: ___________________|
This test consists of 15 multiple choice questions and 5 short answer questions.
Multiple Choice Questions
1. The 1893 depression is caused by what?
(a) Manufacturing overcapacity, particularly in the steel industry.
(b) Manufacturing overcapacity, particularly in the oil industry.
(c) Manufacturing undercapacity, particularly in the steel industry.
(d) Manufacturing undercapacity, particularly in the oil industry.
2. 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.
3. They make a deal that is considered what?
(a) Carnegie's greatest achievement.
(b) A poor decision.
(c) Carnegie's most surprising decisions.
(d) Carnegie's least important achievement.
4. 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) UPS Workers Strike.
(b) The Pullman Strike.
(c) Postal Worker's Strike.
(d) The Homestead Strike.
5. The process takes longer than expected, but by 1868 production begins, and expansion is planned in what year?
6. The industrial economy is crippled with some __________________ firms failing over six years.
7. When prosperity returns, the Carnegie business thrives. Does the damage to his personal reputation from the strike ever heal?
8. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Reduced prices and reduced profitability.
(b) Increased prices and increased profitability.
(c) Reduced prices and increased profitability.
(d) Increased prices and reduced profitability.
9. 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.
10. 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.
11. Carnegie eliminates the costly fire insurance on his wooden buildings by replacing them with what?
(a) Copper structures.
(b) Iron structures.
(c) Steel structures.
(d) Bronze structurse.
12. William Coleman also shares Carnegie's interest and enthusiasm in what?
13. American capitalism and democracy conflict in the fear that economic justice requires what?
(a) An active interventionist role for government.
(b) No government.
(c) Small government.
(d) An inactive government.
14. At the age of ___________ Carnegie finds a wife for his home, a business successor and considers retirement.
15. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?
(a) Stabilize capital.
(b) Find capital.
(c) Raise capital.
(d) Lower capital.
Short Answer Questions
1. Carnegie's methods in steel concentrate what?
2. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
3. Carnegie hires Captain Bill Jones to raid whose staff where they worked together before its strike to run ET?
4. Phipps sees possible gains in other operations and encourages Carnegie to hire who?
5. He follows a policy of putting all his eggs in the same basket and doing what?
This section contains 516 words
(approx. 2 pages at 300 words per page)