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Big Business Review Flashcards | StudBud
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Big Business Review
Big Business Review
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1
By 1899, Carnegie's business produced more of what product than all the factories in England?
Railroads
Steel
Oil
Rubber
2
What theory stated the success and failure of businesses were governed by natural law?
Natural law
Gospel of wealth
Social Darwinism
Evolution
3
What English philosopher applied Charles Darwin's theory of natural selection to society?
Herbert Spencer
Herbert Hoover
Andrew Carnegie
John Rockefeller
4
WHICH WAS NOT AN IDENTIFIED PROBLEM IN THE SOUTH WITH INDUSTRIAL EXPANSION?
HIGH TRANSPORTATION COSTS
POOR AGRICULTURAL PRODUCTION
LACK OF SKILLED WORKERS
HIGH TARIFFS ON RAW MATERIALS AND IMPORTED GOODS
5
Where was Andrew Carnegie from?
Scotland
Ireland
Canada
England
6
In what industry did Rockefeller make his money?
Steel
Oil
Banking
Railroads
7
What did companies earn from the trust they entered into?
Mergers
Trusts
Stocks
Dividends
8
How did Rockefeller drive his competition out of business?
Raising prices
Arson
Underselling
Overselling
9
What is philanthropy?
Volunteering
Stealing from the rich to give to the poor
Giving small amounts of money to charities
Promoting the welfare of others through generous donations
10
By 1880, what percentage of the US oil refining industry did Rockefeller control?
3%
75%
90%
50%
11
When these large trusts felt pressure from the government how did they respond?
Broke up into dozens of companies
Merged together into one large company
Moved overseas
reorganized into single corporations
12
What percentage of his wealth did Carnegie donate?
50%
75%
90%
99%
13
What act made it illegal to form a trust that interfered with free trade between states?
Dawed Antitrust Act
Carnegie Antitrust Act
Rockefeller Antitrust Act
Sherman Antitrust Act
14
What does Laissez Faire mean and how does it apply to business?
"Allow to do" and marketplace SHOULDN'T be regulated
"Don't allow to do" and marketplace SHOULDN'T be regulated
"Allow to do" and marketplace SHOULD be regulated
"Don't allow to do" and marketplace SHOULD be regulated
15
WHERE DID MOST OF THE INDUSTRIAL GROWTH IN THIS PERIOD OCCUR?
THE SOUTH
THE NORTH
THE WEST
THE MIDWEST
16
What is the business strategy where a company buys out its competitors or merges with them?
Vertical integration
Horizontal integration
Monopoly
Trust
17
What is the term for the complete control of an industry's production, wages, and prices?
Vertical integration
Monopoly
Trust
Comprehensive integration
18
What was the name of Rockefeller's company?
Standard Oil
Mobil
Carnegie Steel
Shell
19
What is a dividend?
Profit from sale of company
Profits from stocks
Profits from sales
Profits from low wages
20
What industry did Carnegie FIRST make his fortune in?
Banking
Railroads
Oil
Steel
21
What's the process where a business controls all the resources, manufacturing and distributing?
Monopoly
Horizontal integration
Vertical integration
Trust
22
What is the title for business leaders that used tactics like Rockefeller and others?
Robber Barons
Captains of Industry
Barons of Industry
Robber Captains
23
Term for when companies turn stocks over to trustees who run separate companies as one big one.
Monopoly
Vertical integration
Trust agreement
Horizontal integration
24
What kind of wages did Rockefeller pay?
High
Average
No wages
Low
25
What was the purpose of a holding company?
Buy out stocks of other companies
To sell companies to other companies
Merge companies together
Break up companies that were too large
26
Why was it hard to prosecute companies under the Antitrust Act?
"Monopoly" not clearly defined
"Trust" not clearly defined
Didn't include horizontal integration
Didn't include vertical integration
