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 uses $11,000 in Woodruff dividends to buy 1,100 shares that pay $17,800 in their first year and eventually over _________ dollars.

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

3. Carnegie uses a similar strategy to exit the Woodruff Company by reorganizing it into ________________ with new stockholders and the triumvirate unstated.

4. By ________, the Pennsylvania Railroad runs 3,500 miles of track with 30,000 employees and $61 million invested.

5. Andrew begins to see the railroad industry as an opportunity to regain what?

Short Essay Questions

1. Who are Roberto Goizuetta and Any Grove?

2. What does Carnegie do in Europe?

3. How is Pittsburgh important at this time?

4. What does Carnegie do when Pacific dividend payments stop?

5. 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.

6. What does Daniel McCallum offer those in management?

7. What does Andrew do from 1867 through 1872?

8. By what is this dream not diminished?

9. How is Carnegie cautious in his investments? How might this help him throughout his career?

10. What are the jobs of the railroad managers?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

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?

Essay Topic 2

The Panic of 1873 is significant.

Part 1) Describe the Panic of 1873. How does it begin? How are businesses and ordinary citizens affected by it? How does the country pull out of this panic? How does this panic compare to the 1929 Crash and the Great Depression that followed?

Part 2) Could this panic have been avoided? If so, how? If not, why not? Did the country learn from this panic? Why or why not?

Part 3) Could a panic such as this occur again? Why or why not? Have we as a country learned anything from this panic, the Crash of 1929, and other economic disasters? Explain.

Essay Topic 3

Andrew escapes the coal and oil of textile mills.

Part 1) How does he escape? To where does he escape? How does he benefit from this? How do his experiences in these mills influence him?

Part 2) How important are his early careers to his life as a capitalist and then as entrepreneur? How does he use the knowledge he gains throughout his life in his career decisions? How does he benefit from doing this?

Part 3) How might your own work experiences influence you as an adult in the work force? What experiences have already occurred in your life that will be beneficial in the future?

(see the answer keys)

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