CLEP History II questions with correct answers

Andrew Carneige Correct Answer-He was a dominant innovator who controlled the steel industry and was the founder of Carneige Steel Company. He invented the "bessemer converter". His mill also had smelting, refining, and rolling in into one unified operation. He donated $350 million to worthy causes an $30 million to his will and testimony. He was a host of wealthy people, not the poor; Made monopoly with Steel industry Standard Oil Trust Correct Answer-small oil companies sold stock and authority to Rockefeller's Standard Oil Company (consolidation), cornered world petroleum market John D. Rockefeller Correct Answer-Standard Oil Company, ruthless business tactics (survival of the fittest) Vertical integration Correct Answer-beginnings of trusts (destruction of competition); vertical- controlling every aspect of production (control quality, eliminate middlemen - Rockefeller); Horizontal integration Correct Answer-horizontal- consolidating with competitors to monopolize a market (highly detrimental)