7.07 quiz: How Big is Too Big?

Which of the following could have been inspired by Andrew Carnegie's "Gospel of Wealth"?

A wealthy industrialist donates money to develop an institute for medical research.

Who was the subject of stories that promoted the idea that a person could be successful with hard work and honesty?

Horatio Alger

Which of the following titans of industry played a major role in holding the economic system together with his banking and business practices?

J.P. Morgan

Which of the following was an attempt to restrict a monopoly of the oil industry in the United States?

Sherman Anti-Trust Act

What is not a reason for the failures of the Interstate Commerce Act, the Sherman Anti-Trust Act, and the Dingley Act of 1897?

The new regulations caused investors to lose money on their stocks.

How did railroads influence modern businesses practices?

Their owners formed corporations, oversaw complex processes, and sold huge amounts of stocks and bonds.

What impact did Andrew Carnegie and John D. Rockefeller have on the American economy in the late 1800s?

They established and dominated the new steel and oil industries.

What was the most common impact of new inventions on American life?

They made life easier, more productive, and more profitable.

What is a monopoly?

complete control of a commodity, business, or product

What were two practices used to develop monopolies?

controlling all the steps in a business process and driving out all the competitors

Which inventor is incorrectly paired with an invention?

telegraph machine—Alexander Graham Bell