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. Carnegie is cautious in his investments by limiting them to what?

2. He forms an informal investing ____________ with Thomson and Scott.

3. The business is _______________ with conductors and station agents collecting millions in small coin revenue.

4. In following years Carnegie gets at least ___________ for a net investment of $217.50 until 1870 when he sells out.

5. A new competitor, ________________ , decides a lavishly decorated "rolling palace" may have an edge, and by 1867 he has forty-eight in service.

Short Essay Questions

1. What does Carnegie do in Europe?

2. How does industry benefit from Carnegie?

3. How does Andrew escape the textile mills?

4. Describe the Pennsylvania Railroad in 1865.

5. Who is George M. Pullman? How do he and Carnegie become involved in business together?

6. What happens on July 15, 1848?

7. What does Andrew do from 1867 through 1872?

8. Describe Carnegie's investment in Keystone Bridge Company.

9. The partners pledge an investment to be made in installments paid when due or by the company as credit for dividends payable on the whole investment. Give an example of this pledge in action.

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

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Woodruff is the cornerstone of Carnegie's fortune.

Part 1) What is Woodruff? How has Carnegie's fortune grown up to this point? How does it become the cornerstone of Carnegie's fortune? How does this then lead to Columbia Oil?

Part 2) What important decisions does he make regarding these two companies that make them the cornerstone of his fortune? How do these companies lead to future growth in his wealth? Does he make a good decision by getting out of the oil business, investing in other businesses and finally ending up in the steel business? Explain.

Part 3) How do the decisions you have made in the past affect you today? How much of an impact will the decisions you make today have on your future? Do you believe that Carnegie's decisions were well-thought out or based on instinct and experience? Use the text to support your decision. Are most of your most influential decisions and actions based on organized plans or on your own instinct and knowledge?

Essay Topic 2

A typical pattern in the 19th century is that a community builds up around a few pioneers who leave their homeland and then encourage friends and relatives to join them.

Part 1) How was this the case for the Carnegies? How did they benefit from this? How might this have affected communities in the U.S.?

Part 2) How would this affect one's ability to acclimate to the American culture? What might have been considered American culture at this time? Explain.

Part 3) How are these communities still seen today? Why do these ethnic communities still exist?

Essay Topic 3

The start of ET coincides with the Panic of 1873.

Part 1) What is ET? Why is it significant that the start of ET coincides with this panic? How does this affect Carnegie, his partners, and the investors?

Part 2) How does Carnegie deal with this panic? What decisions does he make? How much of an impact do these decisions have on his company? What do his decisions and actions reveal and reinforce about him?

Part 3) How would you have reacted if you had lived during the Panic of 1873? Would you have been as clear-headed and forward-thinking at Carnegie? Why or why not?

(see the answer keys)

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