Multiple Choice
Which of the following natural resources was most essential for supporting the process of industrialization during the 18th and 19th centuries?
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0. Basic Principles of Economics
Factors of Production
Multiple Choice
Which factor of production most negatively affected open range cattle ranching in the late 19th century?
A
A rise in cattle prices
B
Improved transportation networks
C
The introduction of barbed wire fencing
D
An increase in available grazing land
Verified step by step guidance1
Identify the factors of production relevant to open range cattle ranching: land, labor, capital, and entrepreneurship.
Understand that open range cattle ranching relied heavily on the availability of large, unfenced grazing land (land as a factor of production).
Analyze how each option affects the factors of production: a rise in cattle prices affects revenue, improved transportation affects capital and market access, increased grazing land affects land availability, and barbed wire fencing affects the accessibility and use of land.
Recognize that the introduction of barbed wire fencing restricted the open access to grazing land, effectively reducing the amount of land available for free-range cattle grazing.
Conclude that the factor of production most negatively affected was land, due to the fencing limiting open range grazing, which was essential for the ranching system at that time.
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