Which statement best identifies how world competition contributes to the interdependence of the Texas economy?(1 point)
Responses
Texas has an abundance of energy resources, agricultural products, and innovative technology goods to meet many demands.
Texas has an abundance of energy resources, agricultural products, and innovative technology goods to meet many demands.
Texas led the nation in exports while over half a million Texans are employed by foreign-owned companies.
Texas led the nation in exports while over half a million Texans are employed by foreign-owned companies.
The relatively low cost of doing business in Texas helps producers make high profits.
The relatively low cost of doing business in Texas helps producers make high profits.
The money spent by farmers provides wages for other individuals and income for businesses in Texas.
11 answers
Texas led the nation in exports while over half a million Texans are employed by foreign-owned companies.
The concepts of supply and demand illustrate the interdependence of which groups?(1 point)
Responses
consumers and producers
consumers and producers
citizens and government
citizens and government
fans and sports teams
fans and sports teams
parents and children
Responses
consumers and producers
consumers and producers
citizens and government
citizens and government
fans and sports teams
fans and sports teams
parents and children
consumers and producers
Which statement best explains how profits create interdependence in the free enterprise system?(1 point)
Responses
States will increase taxes on businesses to discourage them from making a profit.
States will increase taxes on businesses to discourage them from making a profit.
Businesses will produce goods to meet consumer demands when they can make a profit.
Businesses will produce goods to meet consumer demands when they can make a profit.
Consumers compete with each other to make the most profit.
Consumers compete with each other to make the most profit.
Foreign countries charge tariffs, or a tax, on imported goods to protect domestic industries.
Responses
States will increase taxes on businesses to discourage them from making a profit.
States will increase taxes on businesses to discourage them from making a profit.
Businesses will produce goods to meet consumer demands when they can make a profit.
Businesses will produce goods to meet consumer demands when they can make a profit.
Consumers compete with each other to make the most profit.
Consumers compete with each other to make the most profit.
Foreign countries charge tariffs, or a tax, on imported goods to protect domestic industries.
Businesses will produce goods to meet consumer demands when they can make a profit.
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.
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.
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.
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.
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.
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.
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.
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.
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.
“Businesses and families are moving to Texas because we provide an environment that allows people to succeed on their own terms. Texas offers a brand of freedom unlike any other state in America—we have no state income tax, we've cut…regulations, and we continue to invest in our young, diverse, and ever-growing workforce. We are committed to cultivating this thriving economic climate in the years to come to ensure that all Texans have the ability to achieve their dreams.”
—Texas governor Greg Abbott (March 2022)
Which element of the free enterprise system is most closely associated with Governor Abbott’s statement?
(1 point)
Responses
effects of supply and demand on price stability
effects of supply and demand on price stability
increasing profit margins
increasing profit margins
ensuring global competition maintains consumer protection
ensuring global competition maintains consumer protection
limited government involvement in the economy
—Texas governor Greg Abbott (March 2022)
Which element of the free enterprise system is most closely associated with Governor Abbott’s statement?
(1 point)
Responses
effects of supply and demand on price stability
effects of supply and demand on price stability
increasing profit margins
increasing profit margins
ensuring global competition maintains consumer protection
ensuring global competition maintains consumer protection
limited government involvement in the economy
limited government involvement in the economy
Answers:
Texas led the nation in exports while over half a million Texans are employed by foreign-owned companies.
consumers and producers
Businesses will produce goods to meet consumer demands when they can make a profit.
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.
limited government involvement in the economy
Texas led the nation in exports while over half a million Texans are employed by foreign-owned companies.
consumers and producers
Businesses will produce goods to meet consumer demands when they can make a profit.
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.
limited government involvement in the economy
Thank you for providing the correct answers. If you have any more questions or need further assistance, feel free to ask!
1 answer