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

Harold C. Livesay
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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. Their deal demonstrates the power of what?
(a) Size.
(b) Intelligence.
(c) Ingenuity.
(d) Strength.

2. Carnegie forms an enterprise to manufacture Bessemer steel as he changes from ________________.
(a) Capitalist to socialist.
(b) Entrepreneur to capitalist.
(c) Socialist to capitalist.
(d) Capitalist to entrepreneur.

3. The 1893 depression is caused by what?
(a) Manufacturing undercapacity, particularly in the oil industry.
(b) Manufacturing undercapacity, particularly in the steel industry.
(c) Manufacturing overcapacity, particularly in the oil industry.
(d) Manufacturing overcapacity, particularly in the steel industry.

4. When prosperity returns, the Carnegie business thrives. Does the damage to his personal reputation from the strike ever heal?
(a) Yes.
(b) Mostly.
(c) Partially.
(d) No.

5. Only how many of the original nine partners remain?
(a) Five.
(b) Three.
(c) Four.
(d) Two.

Short Answer Questions

1. What problems does this steel company have?

2. He follows a policy of putting all his eggs in the same basket and doing what?

3. Carnegie leases the iron ore properties from this man. Why?

4. After this steel company's acquisition for _____ million bonds, Frick restructures all the related companies with Carnegie Steel Company, Limited taking over assets of Carnegie Brothers and Carnegie Phipps with a $25 million capital base, distributing to Carnegie 55 percent, Frick and Phipps both 11 percent each, 1 percent each to nineteen partners and 4 percent reserve for key staff.

5. Cost information enables cost-cutting per unit by __________________________ at the same output level.

Short Essay Questions

1. What does Phipps suggest to Carnegie? How does Carnegie benefit from this?

2. What does Schwab do for the business?

3. What causes the 1893 depression? What does Carnegie do at this time?

4. Why does Andrew not help Tom Scott? What are the effects of this decision?

5. How does Carnegie rely on the McCallum system?

6. Describe the firm and the new mill.

7. Carnegie's interest and insistence on cost-cutting leads him into more complex areas of manufacturing detail composition and chemistry. Give an example of this.

8. What are the benefits of the Cyclops and Union Mills merger?

9. Describe American steel companies between 1870 and 1900.

10. What does Frick's chairmanship mark?

(see the answer keys)

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