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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Although Andrew dislikes the tedium, smells and hours, he works in another textile mill until what?

2. Whose pioneering skills in management are codified in his "Book of Rules and the Employees' Timetable?"

3. Andrew's opportunity to escape the coal and oil of textile mills comes through _________ asking him to become a messenger boy with a telegraph company in Pittsburgh.

4. This old craft is destroyed in _______ years, along with Will Carnegie's job and his town's main source of income.

5. Managerial skill level reached over ______________ years exceeds that of the prior five centuries.

Short Essay Questions

1. Why do the Carnegies leave Scotland?

2. Describe the Pennsylvania Railroad in 1865.

3. Describe the Columbia Oil Company.

4. By what is this dream not diminished?

5. What does Carnegie learn at the Pennsylvania Railroad?

6. What does Carnegie do in Europe?

7. What does Carnegie do when Pacific dividend payments stop?

8. What are the jobs of the railroad managers?

9. Describe the informal investing triumvirate Carnegie formed with Thomson and Scott.

10. What does Andrew do from 1867 through 1872?

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

Essay Topic 2

With the forming of an enterprise to manufacture Bessemer steel, Carnegie changes from capitalist to entrepreneur.

Part 1) Why does he decide to move into the steel business? How does this change him from a capitalist to an entrepreneur? Is this a good maneuver? If so, why? If not, why not?

Part 2) Carnegie follows a policy of putting all of his eggs in the same basket and watching that basket. Is this a good policy? Why or why not? How has becoming an entrepreneur changed Carnegie? In what ways has he stayed the same?

Part 3) Carnegie's partners include many wealthy executives and merchants. How important are these men in Carnegie's new ventures in steel? How have others been important in Carnegie's professional career? How important are others in your own life and advancements you have made?

Essay Topic 3

The start of ET coincides with the Panic of 1873.

Part 1) What is ET? Why is it significant that the start of ET coincides with this panic? How does this affect Carnegie, his partners, and the investors?

Part 2) How does Carnegie deal with this panic? What decisions does he make? How much of an impact do these decisions have on his company? What do his decisions and actions reveal and reinforce about him?

Part 3) How would you have reacted if you had lived during the Panic of 1873? Would you have been as clear-headed and forward-thinking at Carnegie? Why or why not?

(see the answer keys)

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