John Jacob Astor, Who Seemed to Exemplify the "Self-Made Man

question 63

Multiple Choice

John Jacob Astor, who seemed to exemplify the "self-made man":

• A) turned out to be a fraud, for it was discovered he counterfeited much of his fortune.
• B) used his great wealth to finance the North during the Civil War.
• C) made huge profits from distributing the machines built by Thomas Rodgers.
• D) began his economic ascent through the purchase of Philadelphia real estate.
• E) became wealthy trading goods between the United States and China.

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Definitions:

Effective Management

Effective Management involves the process of planning, organizing, directing, and controlling resources and activities efficiently and effectively towards achieving organizational goals.

Operations

The day-to-day activities required for a business to produce goods or services and run smoothly.

Book Value

The net value of a company’s assets as recorded on the balance sheet, calculated as total assets minus liabilities and intangible assets.

Opportunity Cost

The potential benefit that is given up when one alternative is selected over another.