SSUSH 11B: John Rockefeller & Andrew Carnegie

What was a common strategy used by businesses after the Civil War to maximize profits?

• Increasing employee wages

• Combining competing corporations into a single entity

• Decreasing the production of goods

• Selling businesses to foreign investors

Who was known for creating a monopoly in the oil industry?

• J.P. Morgan

• John D. Rockefeller

• Cornelius Vanderbilt

• Andrew Carnegie

What was the primary product of Carnegie Steel?

• Kerosene

• Railroads

• Steel

• Banking services

Which business practice is described as controlling all elements of production from raw material to sale?

• Monopoly

• Vertical integration

• Horizontal integration

• Trust formation

In what year did John D. Rockefeller create Standard Oil?

• 1870

• 1863

• 1859

• 1882

By what year did Rockefeller and Standard Oil control 90% of the refining capacity in the United States?

• 1879

• 1882

• 1870

• 1890

What was a significant consequence of monopolies like Standard Oil on the market?

• Increased competition

• Lower prices for consumers

• More choices for consumers

• Elimination of competition

What industry did Andrew Carnegie dominate?

• Banking

• Railroads

• Steel

• Oil

What distinguishes Andrew Carnegie's philanthropy from other big business entrepreneurs of his time?

• He funded over 3,000 libraries

• He focused solely on the wealthy

• He invested in military technology

• He avoided charitable donations

How much did Andrew Carnegie give to charitable causes by the time of his death?

• Over $350 million

• Over $100 million

• Over $500 million

• Over $1 billion