The Economy of Texas | Economics Explained

The video explores Texas' economic significance, highlighting its oil production and diversification into other industries. It compares Texas' economic policies with California's, noting Texas' low taxes and business-friendly environment. The historical impact of oil and the state's adaptation to modern challenges are discussed, along with future prospects. Texas' economic resilience and potential are evaluated, placing it on an economic leaderboard.

What percentage of the USA's oil production is provided by Texas?

• 20%

• 50%

• 30%

• 40%

Which state has the highest population growth in the USA?

• New York

• Florida

• Texas

• California

What is a key difference between Texas and California's economic policies?

• Texas has a hands-off approach to business regulation

• California has a lower population growth

• California has no state income taxes

• Texas has higher state income taxes

When did Texas first discover oil?

• 1866

• 1900

• 1920

• 1940

What was a major consequence of the 1970s oil crisis for Texas?

• Increased foreign investment

• Higher oil prices

• Massive layoffs and bankruptcies

• Increased oil production

Which company is an example of a non-oil business thriving in Texas?

• ExxonMobil

• Shell

• Chevron

• Dell

What is a significant factor attracting businesses to Texas?

• High cost of living

• High state income taxes

• Strict business regulations

• Low taxes

What technology revitalized Texas's oil production in 2011?

• Deepwater drilling

• Fracking

• Solar energy

• Wind turbines

What was a major challenge for Texas's oil industry between 2014 and 2016?

• Increased competition from California

• Decreasing oil demand

• Rising oil prices

• Low oil prices

What is a potential risk for Texas if oil tax revenue decreases?

• Increased state income taxes

• Decreased population growth

• Higher business taxes

• Reduced federal funding