Age of Oil #2

What major event in 1901 marked the beginning of the Texas Oil Boom?

• The discovery of oil at Spindletop

• The invention of the first oil drill

• The first refinery built in Houston

• The founding of Texaco

How did the oil industry contribute to the industrialization of Texas?

• It led to increased cattle ranching

• It caused a decline in urbanization

• It boosted transportation, manufacturing, and job opportunities

• It replaced farming as the primary economic activity

Who was a significant Texas leader in oil field technology, known for improving drill bits?

• Howard Hughes Sr.

• John Rockefeller

• Henry Ford

• Thomas Edison

The term 'boom-and-bust cycle' in Texas history refers to:

• The rapid rise and fall of industries

• The increase of cattle ranching in urban areas

• The long-term stability of Texas' economy

• The economic effects of hurricanes on Texas

How did the oil boom affect urbanization in Texas?

• It led to a decline in industrial jobs

• It caused major cities like Houston and Dallas to grow

• It resulted in fewer people moving to Texas

• It decreased the demand for transportation

Pick 2: Which industry played a major role in the urbanization of Texas in the early 20th century(1900s)?

• Agriculture

• Railroad

• Oil and gas

• Textile Mills

What was a major consequence of the population growth in Texas cities?

• A. A decrease in job opportunities

• B. Increased need for education, healthcare, and transportation

What is the main principle of the free enterprise system in Texas?

• Government control of all businesses

• Competition, private property, and profit motive

• Elimination of consumer choice

• State regulation of prices

Which of the following is an example of supply and demand in the Texas economy?

• The rise of oil prices due to increased demand

• The government setting oil production limits

• A fixed price for all goods

• Increased taxes on businesses

Which Texas city became a major hub for the oil industry due to its strategic location?

• Houston

• El Paso

• San Antonio

• Austin