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, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Historically, management of the Carnegie companies resulted in _____ labor difficulties before the Homestead strike.

2. Bank failures destroy personal savings, social safety nets are nonexistent and workers retreat to the family farm or where?

3. After this steel company's acquisition for _____ million bonds, Frick restructures all the related companies with Carnegie Steel Company, Limited taking over assets of Carnegie Brothers and Carnegie Phipps with a $25 million capital base, distributing to Carnegie 55 percent, Frick and Phipps both 11 percent each, 1 percent each to nineteen partners and 4 percent reserve for key staff.

4. The process takes longer than expected, but by 1868 production begins, and expansion is planned in what year?

5. Carnegie organizes a partnership with business associates and colleagues that are confident of his success to do what?

Short Essay Questions

1. What happens when Carnegie goes to Scotland?

2. What does Frick's chairmanship mark?

3. Carnegie's interest and insistence on cost-cutting leads him into more complex areas of manufacturing detail composition and chemistry. Give an example of this.

4. Describe Carnegie's replacement of equipment.

5. How does Carnegie benefit from cutting costs?

6. How is Rockefeller involved in Carnegie's business?

7. Why does Andrew not help Tom Scott? What are the effects of this decision?

8. What does Phipps suggest to Carnegie? How does Carnegie benefit from this?

9. Describe Captain Bill Jones' management of labor.

10. Why does Carnegie hire Alexander Holley?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Andrew Carnegie emigrated from Scotland.

Part 1) When and why did he emigrate from Scotland? Describe his life upon arriving in the U.S. How did it compare to the lives of other immigrants?

Part 2) How did his family adjust to life in America? How did this affect Andrew? When did he get the opportunity for advancement? How was this a case of being in the right place at the right time?

Part 3) What might it be like to be an immigrant today? Might it be easier or harder to adjust to American life? Explain.

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

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?

(see the answer keys)

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