|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. Carnegie feels confident enough in 1870 to do what?
2. Schwab cuts $500,000 in costs at Homestead by __________________ and replacing skilled labor with machines and unskilled workers.
3. They make a deal that is considered what?
4. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.
5. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
Short Essay Questions
1. What does Carnegie do between 1872 and 1889?
2. What happens when Carnegie goes to Scotland?
3. Describe Captain Bill Jones' management of labor.
4. Describe Carnegie's partners at this time.
5. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?
6. How does Carnegie benefit from cutting costs?
7. What is a second dimension necessary to effect this integration?
8. What does Schwab do for the business?
9. Describe Carnegie's replacement of equipment.
10. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.
Write an essay for ONE of the following topics:
Essay Topic 1
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 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
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?
This section contains 1,232 words
(approx. 5 pages at 300 words per page)