|Name: _________________________||Period: ___________________|
This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.
Short Answer Questions
1. Bank failures destroy personal savings, social safety nets are nonexistent and workers retreat to the family farm or where?
2. Carnegie eliminates the costly fire insurance on his wooden buildings by replacing them with what?
3. Carnegie hires Captain Bill Jones to raid whose staff where they worked together before its strike to run ET?
4. Carnegie relies on what system implemented by Thomson and Scott at the railroad to transfer and adapt it to industry?
5. What firms are formed and the Gilded Age develops in New York?
Short Essay Questions
1. Describe Carnegie's replacement of equipment.
2. Describe the seven years of peace and prosperity in the North.
3. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.
4. What does Carnegie do between 1872 and 1889?
5. 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.
6. What does Schwab do for the business?
7. Why does Carnegie hire Alexander Holley?
8. Why does Andrew not help Tom Scott? What are the effects of this decision?
9. How does Carnegie benefit from cutting costs?
10. What happens when Carnegie goes to Scotland?
Write an essay for ONE of the following topics:
Essay Topic 1
Carnegie's insistence on knowing the costs continues for his twenty-five years in the steel business.
Part 1) How and why does cost matter throughout Carnegie's career in the steel business, as well as previous business ventures? How might this compare to the importance of cost to other companies? Use the text to support your response.
Part 2) How has this focus on cost influenced other businesses? How does it continue to be important to businesses today? How does this focus on cost aid in the creation of big business?
Part 3) When you make important decisions, on what do you focus? What aspects of a decision are important to you? How does your decision-making process compare to Carnegie's?
Essay Topic 2
Carnegie works for the Pennsylvania Railroad.
Part 1) Describe his time with this railroad company. How is this time significant in his career as a businessman?
Part 2) What are four important things he learns from working for the Pennsylvania Railroad? How are these things useful later in his life?
Part 3) Andrew receives several promotions. Why? How is this success foreshadowed earlier in the book?
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.
This section contains 1,244 words
(approx. 5 pages at 300 words per page)