Question 1

According to your authors, Carnegie's greatest philanthropy was to find a way to combine management and technology to create more jobs, reduce prices, expand markets, and advance industrial development.

Accepted Answer

The passage states that Carnegie's greatest philanthropy was to find a way to combine management and technology to create more jobs, reduce prices, expand markets, and advance industrial development.

Question 2

Henry R. Towne proposed that the American Society of Mechanical Engineers (ASME) create an economic section to act as a clearing-house and forum for shop management.

Accepted Answer

Henry R. Towne, a prominent figure in the field of management and engineering, proposed the creation of an economic section within ASME to focus on shop management and related economic issues.

Question 3

The notions of limited charter powers and of management as trustee of the stockholders' property combined to form the nineteenth century legal basis regarding corporate philanthropy.
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Accepted Answer

In the nineteenth century, corporate philanthropy was often justified by the idea that management acted as trustees for stockholders, and their powers were limited by the corporate charter, which influenced the legal perspective on corporate giving.

Question 4

Immigration provided a growing work force during America's 19th century and this increased supply of labor resulted in lower wages and declining real wages for the American worker.

Accepted Answer

The answer of Immigration provided a growing work force during...

Question 5

The American Federation of Labor was organized in 1886 as a federation of craft unions that concentrated on the pursuit of immediate economic gains for the workers on the job rather than on distant political reforms.

Accepted Answer

The American Federation of Labor (AFL) was indeed founded in 1886 and focused on improving wages, working conditions, and hours for skilled workers, rather than engaging in broader political reforms.

Question 6

Andrew Carnegie's monopolistic pricing power in the steel industry enabled him to increase the price of his products, for example, iron rails, during his period of ownership.

Accepted Answer

Andrew Carnegie's strategy was to reduce costs and undercut competitors, not to increase prices. He focused on efficiency and economies of scale to dominate the steel industry.

Question 7

Between 1860 and 1890, industrial unions in the U.S.A. were successful in starting because of low wages and declining real wages.

Accepted Answer

The answer of Between 1860 and 1890, industrial unions in...

Question 8

Followers of the Social Gospel would be in favor of:

Accepted Answer

The Social Gospel movement emphasized social justice and improving societal conditions, which aligns with temperance and profit sharing but not with prohibiting trade unions.

Question 9

Alfred D. Chandler's phases in the history of the large American enterprise included:

Accepted Answer

Chandler's phases include the initial expansion and accumulation of resources, the rationalization of the use of resources, and the need for a managerial hierarchy, making all options correct.

Question 10

Andrew Carnegie's success in the steel industry was due to

Accepted Answer

Andrew Carnegie's success in the steel industry was due to a combination of factors, including his ability to integrate and speed up the "throughput," his use of McCallum's management methods, and his cost accounting techniques. These strategies collectively contributed to his efficiency and dominance in the steel industry.

Question 11

Vertical integration, moving forward or backward in the input-throughput-output stream, would be an example of:

Accepted Answer

Vertical integration is a strategy in which a company owns and controls multiple stages of the production process, from raw materials to finished goods. This can be done by moving forward in the input-throughput-output stream (e.g., a steel company acquiring a coal mine) or backward (e.g., a car manufacturer acquiring a parts supplier). Chandler's Phase 1, resource accumulation, and Carnegie's strategy in the steel industry are both examples of vertical integration.

Question 12

Labor violence in American industry in the late 19th century:

Accepted Answer

The answer of Labor violence in American industry in the...

Question 13

The principles that formed the nineteenth century legal basis regarding corporate philanthropy included:

Accepted Answer

In the nineteenth century, corporate philanthropy was guided by the principles of limited corporate charter powers and management acting as trustees for stockholders, focusing on maximizing shareholder value rather than engaging in philanthropy.

Question 14

One successful union organized in 1886 as a federation of craft unions was:

Accepted Answer

The American Federation of Labor (AFL) was organized in 1886 as a federation of craft unions.

Question 15

Inventors and innovators were referred to as "prime movers." Compare and contrast this period in American history with developments in other countries. What were the primary differences?

Accepted Answer

The answer of Inventors and innovators were referred to as...

Question 16

Henry Towne wanted engineers to think in "economic" terms. Why engineers? Why not accountants, or lawyers, or financiers, etc.? What did economists contribute?

Accepted Answer

The answer of Henry Towne wanted engineers to think in...

Question 17

What views did American business hold toward its obligations to society? What legal limits shaped those views?

Accepted Answer

The answer of What views did American business hold toward...

Question 18

Describe developments in the early American labor movement in terms of wages, real wages, union membership, and so forth.

Accepted Answer

The answer of Describe developments in the early American labor...

Question 19

Identify the role of the "Social Gospel" in influencing managerial thought.

Accepted Answer

The answer of Identify the role of the "Social Gospel"...

Quiz 6: Industrial Growth and Systematic Management