View a FREE sample

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

Multiple Choice Questions

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

2. The start of ET construction coincides with what?
(a) The Panic of 1873.
(b) Black Friday of 1873.
(c) The Great Depression of 1873.
(d) The Crash of 1873.

3. Schwab cuts $500,000 in costs at Homestead by __________________ and replacing skilled labor with machines and unskilled workers.
(a) Cutting 25 percent from wages.
(b) Adding 15 percent to wages.
(c) Adding 25 percent to wages.
(d) Cutting 15 percent from wages.

4. What problems does this steel company have?
(a) Financial and policy problems.
(b) Supply and labor problems.
(c) Management and organization problems.
(d) Labor and capital problems.

5. Carnegie is praised by labor leaders and Frick is considered _____________.
(a) "Haughty and disdainful."
(b) "Strange and righteous."
(c) "Carnegie's assistant."
(d) "A hero."

Short Answer Questions

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

2. When prosperity returns, the Carnegie business thrives. Does the damage to his personal reputation from the strike ever heal?

3. Who rescues Merritt's Mesabi Range from bankruptcy?

4. Carnegie acquires _______ of the eight failing rail mills and follows an aggressive policy of price-cutting to anticipate its direction and expand sales.

5. Phipps takes Carnegie's cost-cutting seriously by having who analyze flue and puddle cinders?

Short Essay Questions

1. Describe Duqesne Steel.

2. What does Carnegie do between 1872 and 1889?

3. What happens when Carnegie goes to Scotland?

4. Describe the firm and the new mill.

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 is a second dimension necessary to effect this integration?

7. What are the benefits of the Cyclops and Union Mills merger?

8. Describe Carnegie's replacement of equipment.

9. What does Frick's chairmanship mark?

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

(see the answer keys)

This section contains 959 words (approx. 4 pages at 300 words per page) View a FREE sample