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

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

Short Answer Questions

1. The 1893 depression is caused by what?

2. Americans in the North have how many years of peace and prosperity as they begin to exploit American markets?

3. The start of ET construction coincides with what?

4. Carnegie forces another _____________ partners out until only Schwab survives, while bringing in "young geniuses" who prove their merit on cost sheets.

5. When Carnegie decides what furnace is more effective, he orders six more to be built immediately.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

Essay Topic 2

J.P. Morgan purchases the Carnegie company.

Part 1) Describe the purchasing of the Carnegie Company by J.P. Morgan. What challenges and disputes lead up to this purchase? What do these problems reveal about Carnegie, Frick, and others?

Part 2) Does Carnegie make the right decision by selling the company to J.P. Morgan? Why or why not? The new company, U.S. Steel, prints $300 million worth of bonds for Carnegie. Why does he never see these? What does this reveal about him?

Part 3) J.P. Morgan congratulates Carnegie on being "the riches man in the world!" What do you think Carnegie thought of this? Use the text to support your response.

Essay Topic 3

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.

(see the answer keys)

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