7.1B: Monopolies

Front

All of the following describe a monopoly EXCEPT: monopolies control all of an industry, monopolies can set their own price for a product, monopolies have no competition, monopolies are beneficial for consumers by ensuring fair prices

Back

monopolies are beneficial for consumers by ensuring fair prices

Front

Standard Oil was controlled by which business leader?

Back

John D. Rockefeller

Front

In the Gilded Age, the steel industry was controlled by which business leader?

Back

Andrew Carnegie

Front

What does this political cartoon show about Standard Oil during the Gilded Age?

Back

that the monopoly was unfairly influencing the government and other industries

Front

Vertical integration is

Back

owning part of every step of production so you never have to go outside your own company to create your product; this allows the company to cut costs and drive other companies out of business

Front

Horizontal integration is

Back

owning the majority of a product so that consumers have no choice but to come to your business if they want that product

Front

John D. Rockefeller used _______________ to control the oil industry.

Back

both horizontal and vertical integration

Front

Andrew Carnegie used _______________ to control the steel industry.

Back

vertical integration

Front

How were business leaders able to accumulate wealth during the Gilded Age?

Back

by creating monopolies and establishing "trusts" that controlled an industry

Front

Does this example support the idea that business leaders during the Gilded Age were "Captains of Industry" or "Robber Barons": Cornelius Vanderbilt gave $1 million to start Vanderbilt University.

Back

Captains of Industry