ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Many people left Texas.
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Texans lost money by investing it in oil.
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There were more jobs and money for Texans.
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None of the above
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Detailed explanation-1: -The oil industry brought opportunities to Texans. Texas became the center of oil exploration and production in the nation. Many rural areas grew into cities. New types of jobs were created, and people had more time to enjoy leisure activities such as baseball.
Detailed explanation-2: -The major economic shift from mostly agriculture to oil not only boosted the economy but also grew the population and overall wealth of the state. Oil has become essential to Texans everywhere, whether they work in the oil field themselves or not.
Detailed explanation-3: -Oil affected Texas socially because it gave poor people the opportunity to work. Since there was such a large amount of oil being produced, more people could easily find jobs. Many people became wildcatters during the time. Wildcatters are people who drill for oil in oil wells.
Detailed explanation-4: -The populations of many small Texas towns had even greater population increases when oil discoveries brought prospectors, investors, field laborers, and businessmen. Between 1920 and 1922, the town of Breckenridge in rural North Texas grew from about 1, 500 people to nearly 30, 000.