Question

Which option best traces the sequential development of boom and bust cycles in Texas

Answer 1

1. Discovery of oil in Texas leads to rapid population growth and economic prosperity in the early 20th century.
2. The oil boom results in increased investment in infrastructure and development across the state.
3. Overproduction of oil and fluctuating oil prices lead to economic downturns and bust cycles in the 1970s and 1980s.
4. Texas diversifies its economy and attracts new industries to mitigate the impact of future bust cycles.