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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 make him a partner.
(b) To keep him out of the steel business.
(c) To retire slowly from the industry.
(d) To keep him happy.

2. When prosperity returns, the Carnegie business thrives. Does the damage to his personal reputation from the strike ever heal?
(a) Yes.
(b) Partially.
(c) No.
(d) Mostly.

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

4. Carnegie forms an enterprise to manufacture Bessemer steel as he changes from ________________.
(a) Entrepreneur to capitalist.
(b) Capitalist to socialist.
(c) Capitalist to entrepreneur.
(d) Socialist to capitalist.

5. Other operating benefits like reduced inventory and less machine duplication create cost savings to enable __________________at a market-competitive rate.
(a) Reduced prices and reduced profitability.
(b) Increased prices and increased profitability.
(c) Reduced prices and increased profitability.
(d) Increased prices and reduced profitability.

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

7. He follows a policy of putting all his eggs in the same basket and doing what?
(a) Watching it.
(b) Worrying about it.
(c) Forgetting about it.
(d) Ignoring it.

8. When Carnegie decides what furnace is more effective, he orders six more to be built immediately.
(a) A steam or hot-water system.
(b) A reverse-cycle system.
(c) A central warm-Air furnace.
(d) An open-hearth.

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

10. Carnegie corrects this deficiency by integrating _______________________.
(a) Pennsylvania Railroad with Pacific Union.
(b) Pullman and Woodruff.
(c) Sun Oil and US Oil.
(d) Keystone Bridge and Union Iron.

11. The industrial economy is crippled with some __________________ firms failing over six years.
(a) 120.
(b) 12,000.
(c) 1,200.
(d) 5,000.

12. The 1893 depression is caused by what?
(a) Manufacturing overcapacity, particularly in the oil industry.
(b) Manufacturing undercapacity, particularly in the steel industry.
(c) Manufacturing undercapacity, particularly in the oil industry.
(d) Manufacturing overcapacity, particularly in the steel industry.

13. 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.
(a) Industrial.
(b) Automobile.
(c) Railroad.
(d) Technology.

14. Carnegie tries to use public relations, legislative action and threatens who to drive shipping costs down?
(a) A competitor railroad.
(b) John D. Rockefeller.
(c) A competitor in the steel industry.
(d) The unions.

15. 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 Potomac.
(b) At the Allegheny.
(c) At the Monongahela.
(d) At the Ohio River.

Short Answer Questions

1. They make a deal that is considered what?

2. Their deal demonstrates the power of what?

3. Only how many of the original nine partners remain?

4. Corruption in construction of the Union Pacific Railroad is exposed with what scandal where congressmen get railroad stock to misuse public funds?

5. As mills become more efficient, the need for raw material continues with deposits from _______________________.

(see the answer keys)

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