Question 1

Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling

Accepted Answer

A)   expanded more rapidly than the labor force in these sectors.
B)   grew at about the same rate as the labor force in these sectors.
C)   grew more slowly than the labor force in these sectors.
D)   expanded, while the labor force in these sectors declined.E) All of the above
F) C) and D)

Question 2

Between 1860 and 1910, the _______________ industry showed the greatest percentage increase in value added per worker.

Accepted Answer

A)   cotton textile
B)   men's clothing
C)   lumber
D)   machineryE) A) and B)
F) A) and C)

Question 3

Between 1860 and 1910, value added by the top ten manufactures roughly

Accepted Answer

A)   doubled.
B)   tripled.
C)   increased by 500% (a factor of five) .
D)   increased by 1000% (a factor of ten) .E) A) and C)
F) C) and D)

Question 4

Which country had an international reputation for its industrial cartels at the turn of the century?

Accepted Answer

A)   Columbia
B)   Mexico
C)   France
D)   GermanyE) A) and B)
F) A) and C)

Question 5

The name Bessemer is associated with

Accepted Answer

A)   the invention of air brakes for trains.
B)   his role as an early union leader.
C)   invention of a steel manufacturing process.
D)   the development of refrigerated train cars.E) B) and C)
F) A) and D)

Question 6

A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies.

Accepted Answer

A)   trust
B)   gentleman's agreement
C)   holding company
D)   pooling arrangementE) B) and D)
F) All of the above

Question 7

Frederick W. Taylor argued that worker efficiency could be improved by

Accepted Answer

A)   analyzing in detail the movements required to perform a job.
B)   offering employees quarterly stock options.
C)   encouraging employees to form company unions.
D)   introducing to a 5-hour\day, 7-day\week scheduleE) A) and C)
F) A) and D)

Question 8

In 1901, U.S. Steel was created through the ______________ merger of three steel firms. U.S. Steel combined Carnegie Steel, which had acquired iron ore and coal mines through previous _________ mergers, with National Steel and Federal Steel, both of which had strong __________ alliances.

Accepted Answer

A)   horizontal; backward vertical; forward vertical
B)   vertical; horizontal; backward vertical
C)   horizontal; horizontal; forward vertical
D)   vertical; forward vertical; horizontalE) C) and D)
F) A) and D)

Question 9

Which of the following is an example of a horizontal merger?

Accepted Answer

A)   the consolidation of marketing, processing and purchasing departments by Armour Meat Company
B)   the purchase of E.C. Knight Company by American Sugar Refining Company
C)   the purchase of Colorado silver mines by the Tiffany Jewelry Company
D)   Federal Steel Company's alliance with American Bridge CompanyE) A) and B)
F) B) and C)

Question 10

According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because

Accepted Answer

A)   U.S. manufacturers sought to emulate the production practices of European manufacturers.
B)   U.S. tax laws created strong incentives for vertical integration.
C)   continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption.
D)   larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.E) A) and C)
F) C) and D)

Question 11

In U.S. v. U.S. Steel Corporation , the Supreme Court ruled that

Accepted Answer

A)   U.S. Steel had violated the Sherman Act, particularly by organizing meetings with competitors such as the "Gary Dinners."
B)   despite the fact that U.S. Steel controlled 50 percent of output in the steel industry, the company had not achieved monopoly power.
C)   large corporations, by definition, violate the Sherman Act.
D)   the Sherman Act did not apply to U.S. Steel because steel manufacturing was an activity "clothed with a public interest."E) A) and D)
F) None of the above

Question 12

The term "________" denotes the adaptation of new technological ideas to existing products and services.

Accepted Answer

A)   invention
B)   merger
C)   innovation
D)   economies of scaleE) A) and D)
F) None of the above C

Question 13

Mass production integrates

Accepted Answer

A)   continuous flow and interchangeable parts.
B)   economies of scale and scientific management.
C)   the McCallum principles.
D)   the Taylor premises.E) B) and D)
F) A) and C)

Question 14

On the eve of the Civil War, __________ power was more important than _____________ power, but by the end of the 19th century, 90 percent of manufacturing energy came from _________.

Accepted Answer

A)   animal; water; steam
B)   steam; water; electricity
C)   wind; water; petroleum
D)   water; steam; coalE) A) and B)
F) A) and C) D

Question 15

A clear benefit of the work of the Federal Trade Commission in the early twentieth century has been

Accepted Answer

A)   the compilation of massive amounts of data useful
B)   the breakdown of powerful corporations in industry and finance.
C)   the protection of workers' rights.
D)   the establishment of consumer protection standards.E) All of the above
F) A) and D) A

Question 16

A monopsony is a market in which

Accepted Answer

A)   one firm is the sole producer of a good or service.
B)   one firm is the sole buyer of a good or service.
C)   firms encourage competition by starting "price wars" among competitors.
D)   firms collude in setting prices and levels of output.E) A) and B)
F) A) and C)

Question 17

In 1910, the largest U.S. industry as ranked by value added was

Accepted Answer

A)   machinery.
B)   cotton goods.
C)   tobacco manufactures.
D)   railroad cars.E) A) and C)
F) All of the above

Question 18

In United States v. United States Shoe Machinery Company of New Jersey, et al. the court held that

Accepted Answer

A)   the company's market power broke international law.
B)   the company's market power was constitutional.
C)   the company had illegally bought up all its competitors.
D)   the company did not violate the Sherman Anti-Trust Act because no one could prove that that had been their intent.E) C) and D)
F) None of the above

Question 19

What best describes the changes in steel production from 1860-1910?

Accepted Answer

A)   The Bessemer process was an earlier methods of production.
B)   The Bessemer process replaced older methods of production.
C)   The Bessemer process was the first method of producing steel..
D)   The Grandy process replaced the Bessemer process.E) B) and C)
F) None of the above

Question 20

Based on evidence from the turn of the century, the income elasticity of flour and meal

Accepted Answer

A)   is greater than one.
B)   is less than one.
C)   approaches infinity.
D)   equals zero.E) A) and B)
F) A) and C)

Exam 17: Industrial Expansion and Concentration

Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling

Correct AnswerverifiedShow Answer

Between 1860 and 1910, the _______________ industry showed the greatest percentage increase in value added per worker.

Correct AnswerverifiedShow Answer

Between 1860 and 1910, value added by the top ten manufactures roughly

Correct AnswerverifiedShow Answer

Which country had an international reputation for its industrial cartels at the turn of the century?

Correct AnswerverifiedShow Answer

The name Bessemer is associated with

Correct AnswerverifiedShow Answer

A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies.

Correct AnswerverifiedShow Answer

Frederick W. Taylor argued that worker efficiency could be improved by

Correct AnswerverifiedShow Answer

In 1901, U.S. Steel was created through the ______________ merger of three steel firms. U.S. Steel combined Carnegie Steel, which had acquired iron ore and coal mines through previous _________ mergers, with National Steel and Federal Steel, both of which had strong __________ alliances.

Correct AnswerverifiedShow Answer

Which of the following is an example of a horizontal merger?

Correct AnswerverifiedShow Answer

According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because

Correct AnswerverifiedShow Answer

In U.S. v. U.S. Steel Corporation , the Supreme Court ruled that

Correct AnswerverifiedShow Answer

The term "________" denotes the adaptation of new technological ideas to existing products and services.

Correct AnswerverifiedC

Mass production integrates

Correct AnswerverifiedShow Answer

On the eve of the Civil War, __________ power was more important than _____________ power, but by the end of the 19th century, 90 percent of manufacturing energy came from _________.

Correct AnswerverifiedD

A clear benefit of the work of the Federal Trade Commission in the early twentieth century has been

Correct AnswerverifiedA

A monopsony is a market in which

Correct AnswerverifiedShow Answer

In 1910, the largest U.S. industry as ranked by value added was

Correct AnswerverifiedShow Answer

In United States v. United States Shoe Machinery Company of New Jersey, et al. the court held that

Correct AnswerverifiedShow Answer

What best describes the changes in steel production from 1860-1910?

Correct AnswerverifiedShow Answer

Based on evidence from the turn of the century, the income elasticity of flour and meal

Correct AnswerverifiedShow Answer

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In 1901, U.S. Steel was created through the __________ merger of three steel firms. U.S. Steel combined Carnegie Steel, which had acquired iron ore and coal mines through previous _ mergers, with National Steel and Federal Steel, both of which had strong ______ alliances.

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C

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On the eve of the Civil War, ____ power was more important than _ power, but by the end of the 19^th century, 90 percent of manufacturing energy came from ___.

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D

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A

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