Which of the following statements accurately explains how an element of the free enterprise system has impacted the Texas economy?(1 point)
Responses
Limited Government: When railroads created a monopoly and charged farmers unreasonable shipping rates, the Texas government created the Railroad Commission to regulate the industry and ensure fair rates.
Limited Government: When railroads created a monopoly and charged farmers unreasonable shipping rates, the Texas government created the Railroad Commission to regulate the industry and ensure fair rates.
Global Competition: Economic profits in Texas decreased significantly after the North American Free Trade Agreement gave Mexico an unfair advantage over Texas businesses near the border.
Global Competition: Economic profits in Texas decreased significantly after the North American Free Trade Agreement gave Mexico an unfair advantage over Texas businesses near the border.
Profit Margin: Boom-and-bust cycles have impacted all industries in Texas except the oil and gas industry, which has consistently made profits due to high demand since the Spindletop oil strike in 1901.
Profit Margin: Boom-and-bust cycles have impacted all industries in Texas except the oil and gas industry, which has consistently made profits due to high demand since the Spindletop oil strike in 1901.
Supply and Demand: After the Civil War, a surplus of cattle and high demand for beef in the North increased prices and led to a boom in the Texas cattle industry.
1 answer
The statement that most accurately explains how an element of the free enterprise system has impacted the Texas economy is:
Supply and Demand: After the Civil War, a surplus of cattle and high demand for beef in the North increased prices and led to a boom in the Texas cattle industry.
This statement correctly reflects the principles of supply and demand, illustrating how market conditions post-Civil War directly influenced economic activity in Texas, particularly in the cattle industry.
