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This test consists of 5 multiple choice questions, 5 short answer questions, and 10 short essay questions.

Multiple Choice Questions

1. What firms are formed and the Gilded Age develops in New York?
(a) Restaurants and fast food chains.
(b) Retail and mercantile.
(c) Technology and communication.
(d) Bank and credit unions.

2. However, by 1881, a competitor Homestead has the most modern equipment, but is plagued by what problems for two years?
(a) Management.
(b) Labor.
(c) Financial.
(d) Organizational.

3. Carnegie contributes __________ of the partnership total $741,000 in original capital to the firm he names "Carnegie, McCandless and Company" and names the mill "Edgar Thomson Works" (ET) for the first president of Pennsylvania Railroad.
(a) $2,500.
(b) $25,000.
(c) $250,000.
(d) $2.5 million.

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

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

Short Answer Questions

1. William Coleman also shares Carnegie's interest and enthusiasm in what?

2. Specialized merchants control flow of product at every step, which _____________________.

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

4. Cost information enables cost-cutting per unit by __________________________ at the same output level.

5. Frick shares Carnegie's vision and drive but is self-righteous and lacks what?

Short Essay Questions

1. How does Carnegie benefit from cutting costs?

2. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.

3. Describe Carnegie's replacement of equipment.

4. What does Frick's chairmanship mark?

5. What does Carnegie do between 1872 and 1889?

6. Describe Duqesne Steel.

7. What happens when Carnegie goes to Scotland?

8. Who is Homestead? How does Carnegie deal with Homestead?

9. Describe Carnegie's partners at this time.

10. How does Carnegie rely on the McCallum system?

(see the answer keys)

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