|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. One of the country's largest banking houses Jay Cooke's collapses, credit structures tumble and _____________ businesses fail in a year.
2. Tom Miller is a _________ man who forms joint ventures with Carnegie in several small investments. They form Freedom Iron Company of Lewiston Pennsylvania in 1861 that Carnegie restructures into Freedom Iron and Steel to retool for the Bessemer process in 1866.
3. American capitalism and democracy conflict in the fear that economic justice requires what?
4. Only how many of the original nine partners remain?
5. What firms are formed and the Gilded Age develops in New York?
Short Essay Questions
1. Why does Andrew not help Tom Scott? What are the effects of this decision?
2. Describe American steel companies between 1870 and 1900.
3. What venture is formed between Tom Miller and Carnegie?
4. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.
5. Describe the economic collapse. How are Carnegie and others affected by it?
6. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?
7. What happens when Carnegie goes to Scotland?
8. How does Carnegie rely on the McCallum system?
9. How is Rockefeller involved in Carnegie's business?
10. What causes the 1893 depression? What does Carnegie do at this time?
Write an essay for ONE of the following topics:
Essay Topic 1
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 2
Frick shares Carnegie's vision and drive but lacks a sense of humor and is self-righteous.
Part 1) Describe Henry Frick. What is the relationship between Frick and Carnegie? How does this relationship develop? How are both men affected by this relationship?
Part 2) What are the benefits and detriments of Frick to the Carnegie Company? In the end, do you believe Frick was a benefit or a detriment to Carnegie? Why?
Part 3) How does Frick allow his power to go to his head? How does this affect the decisions he makes about the Carnegie Company? Describe someone you know who has allowed power to adversely affect him or her. How can this be avoided? What is required in one's personality to avoid this egotism?
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?
This section contains 1,448 words
(approx. 5 pages at 300 words per page)