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This test consists of 15 multiple choice questions and 5 short answer questions.

Multiple Choice Questions

1. Carnegie leases the iron ore properties from this man. Why?
(a) To keep him out of the steel business.
(b) To retire slowly from the industry.
(c) To keep him happy.
(d) To make him a partner.

2. From 1872 through ________, Carnegie builds an integrated industrial business to become the best-known manufacturer in the world, publishes three books, travels around the world, and becomes a philanthropist with the express intent to give away his fortune.
(a) 1899.
(b) 1889.
(c) 1909.
(d) 1879.

3. When the state legislature creates a limited partnership in ____________, Carnegie, McCandless immediately restructures into the Edgar Thomson Steel Company, Limited.
(a) 1878.
(b) 1874.
(c) 1880.
(d) 1876.

4. Carnegie acquires _______ of the eight failing rail mills and follows an aggressive policy of price-cutting to anticipate its direction and expand sales.
(a) Five.
(b) Two.
(c) Four.
(d) Three.

5. Holley's pre-production estimates and Shinn's voucher system provides Carnegie's Edgar Thomson Works with accurate profitability in its ________ month of operation.
(a) Second.
(b) Third.
(c) First.
(d) Fourth.

6. Historically, management of the Carnegie companies resulted in _____ labor difficulties before the Homestead strike.
(a) Many.
(b) Hundreds of.
(c) Few.
(d) Quite a few.

7. Who rescues Merritt's Mesabi Range from bankruptcy?
(a) John D. Rockefeller.
(b) Thomas.
(c) Frick.
(d) Carnegie.

8. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?
(a) A physicist.
(b) A conservationist.
(c) A chemist.
(d) A biologist.

9. The mill site is strategically situated _______________ where the Pennsylvania, Baltimore and Ohio railroad and river transportation system is readily available, nearby the coal fields.
(a) At the Allegheny.
(b) At the Potomac.
(c) At the Ohio River.
(d) At the Monongahela.

10. Along with Shinn, they put together an effective team based on Carnegie's systematic analysis of personnel to provide performance incentives that raise __________ men through ranks to share ownership.
(a) Twenty.
(b) Forty.
(c) Thirty.
(d) Ten.

11. Phipps sees possible gains in other operations and encourages Carnegie to hire who?
(a) A full-time biologist.
(b) A full-time conservationist.
(c) A full-time physicist.
(d) A full-time chemist.

12. Carnegie relies on what system implemented by Thomson and Scott at the railroad to transfer and adapt it to industry?
(a) The McMillan.
(b) The McCallum.
(c) The McAllister.
(d) The McDonald.

13. One of the country's largest banking houses Jay Cooke's collapses, credit structures tumble and _____________ businesses fail in a year.
(a) 50,000.
(b) 1,000.
(c) 500.
(d) 5,000.

14. Rich and poor are impacted when even Tom Scott faces ruin and disgrace from Texas Pacific Railroad default unless what happens?
(a) A miracle occurs.
(b) His friend Andrew Carnegie endorses the note.
(c) He can sell stock.
(d) The economy improves.

15. Americans in the North have how many years of peace and prosperity as they begin to exploit American markets?
(a) Seven.
(b) Nine.
(c) Ten.
(d) Eight.

Short Answer Questions

1. Carnegie sells _____________ bonds to Junius Morgan in London to complete construction of the Edgar Thomson Works in 1875, and saves 25 percent in costs from the depression.

2. By 1892, Carnegie is in ______________ and leaves labor issues to Frick.

3. Carnegie is praised by labor leaders and Frick is considered _____________.

4. Carnegie corrects this deficiency by integrating _______________________.

5. Small firms operate iron furnaces to smelt ore into _______ iron.

(see the answer keys)

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