Andrew Carnegie and the Rise of Big Business Test | Mid-Book Test - Hard

Harold C. Livesay
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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. What railroad focuses capital investments that either increase revenue or reduce unit cost to justify them?

2. Why does Pullman gives Carnegie enough Pennsylvania stock to collateralize a $600,000 loan?

3. In _________, the transcontinental Union Pacific seeks bids from sleeping car companies for its expansion.

4. Andrew succeeds in the mastery of what business techniques?

5. Scott and Thomson hold stock in Carnegie's name for what reason?

Short Essay Questions

1. What happens on July 15, 1848?

2. What does Daniel McCallum offer those in management?

3. Why do the Carnegies leave Scotland?

4. How do family members and friends help immigrants? How is Carnegie's family helped?

5. What work do the Carnegies find in America?

6. Describe the informal investing triumvirate Carnegie formed with Thomson and Scott.

7. How does industry benefit from Carnegie?

8. What happens within two years of arriving in America?

9. How does Carnegie determine he can profit from the boom in telegraphy?

10. How does Andrew escape the textile mills?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie leaves Pittsburgh for New York City.

Part 1) Why does he decide to make this move? How is this connected to his decisions surrounding his business? How does he benefit from this move and the people he meets upon arriving in New York?

Part 2) Do you believe Carnegie would have been as successful as he was if he had stayed in Pittsburgh? Why or why not? Why was New York City an important place to be at this time? Is New York City as important today? If so, why? If not, why not?

Part 3) In what are you interested? What is the best place to be for this interest? Would you consider moving to this place? Why or why not? How might your life change by making this move?

Essay Topic 2

Carnegie forces out all partners but Schwab and brings in "young geniuses" who prove their merit.

Part 1) Describe this forcing out of the partners except Schwab. Why is Schwab kept? How is he unique from the other partners? How might these other partners have felt about being ousted from the company? Should they have been forced out? Why or why not?

Part 2) Why does Carnegie believe that bringing in "young geniuses" is the answer to his problems? How do these "young geniuses" prove their merit? How was this decision to bring in new people beneficial to Carnegie and his company?

Part 3) How has business changed at this time? What other decisions does Carnegie make that reflect this change in the steel business? How are these decisions and actions significant?

Essay Topic 3

With the forming of an enterprise to manufacture Bessemer steel, Carnegie changes from capitalist to entrepreneur.

Part 1) Why does he decide to move into the steel business? How does this change him from a capitalist to an entrepreneur? Is this a good maneuver? If so, why? If not, why not?

Part 2) Carnegie follows a policy of putting all of his eggs in the same basket and watching that basket. Is this a good policy? Why or why not? How has becoming an entrepreneur changed Carnegie? In what ways has he stayed the same?

Part 3) Carnegie's partners include many wealthy executives and merchants. How important are these men in Carnegie's new ventures in steel? How have others been important in Carnegie's professional career? How important are others in your own life and advancements you have made?

(see the answer keys)

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