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This test consists of 5 short answer questions, 10 short essay questions, and 1 (of 3) essay topics.

Short Answer Questions

1. Bank failures destroy personal savings, social safety nets are nonexistent and workers retreat to the family farm or where?

2. Carnegie corrects this deficiency by integrating _______________________.

3. Carnegie's labor guidelines and Captain Bill's implementation works well until 1889 when what happens to Bill?

4. He installs a blast furnace called________ in 1872 to produce 13.361 tons initially and eventually over 100,000 tons annually by maximizing output.

5. Carnegie feels confident enough in 1870 to do what?

Short Essay Questions

1. Describe the deficiency that Carnegie corrected by integrating Keystone Bridge and Union Iron?

2. Describe Duqesne Steel.

3. Describe Carnegie's replacement of equipment.

4. Why does Carnegie hire Alexander Holley?

5. What are the benefits of the Cyclops and Union Mills merger?

6. What does Frick's chairmanship mark?

7. Describe the firm and the new mill.

8. What happens when Carnegie goes to Scotland?

9. What does the entrepreneurial Carnegie begin in 1872? Describe his work at this time.

10. Describe the seven years of peace and prosperity in the North.

Essay Topics

Write an essay for ONE of the following topics:

Essay Topic 1

Carnegie forces out all partners but Schwab and brings in "young geniuses" who prove their merit.

Part 1) Describe this forcing out of the partners except Schwab. Why is Schwab kept? How is he unique from the other partners? How might these other partners have felt about being ousted from the company? Should they have been forced out? Why or why not?

Part 2) Why does Carnegie believe that bringing in "young geniuses" is the answer to his problems? How do these "young geniuses" prove their merit? How was this decision to bring in new people beneficial to Carnegie and his company?

Part 3) How has business changed at this time? What other decisions does Carnegie make that reflect this change in the steel business? How are these decisions and actions significant?

Essay Topic 2

Carnegie corrects deficiencies at Cyclops, now Union Iron.

Part 1) What deficiencies exist at Cyclops? How does Carnegie correct these deficiencies? How important is his past experience when correcting these deficiencies? What do these corrections reveal or reinforce about Carnegie?

Part 2) How does this introduce rationality into pricing and a methodology for investment planning? Why is this important? How do Carnegie and his partners benefit from this?

Part 3) What can we as readers learn from Carnegie's actions surrounding his purchase of Cyclops, its initial merger with Union Iron and the final merger with Keystone Bridge Company?

Essay Topic 3

Carnegie and George Pullman make "The Pullman Palace Car Company" a joint venture.

Part 1) How does this joint venture come about? Is this a good decision for both men? Why or why not? What does this joint venture reveal about both Carnegie and Pullman?

Part 2) How does this venture affect the triumvirate? How does it affect other stockholders? How does it lead to the end of stock speculation? How does this end of speculation lead Carnegie in a new direction?

Part 3) Think of two companies you admire or whose products you enjoy. What would it be like if they joined forces? How would this joint venture affect them? How would it affect customers like yourself?

(see the answer keys)

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