Asked by Alana Rodriguez on May 08, 2024
Verified
What was a factor in the increasing involvement of Old Northwest farmers in the market economy?
A) The best cotton-growing land was along the banks of the Erie Canal.
B) The steel plow and the reaper were replaced by newer, more efficient technologies.
C) Farmers no longer needed to rely on eastern banks as a source of credit and loans.
D) A new ethos of self-sufficiency inspired more and more farmers to claim land in the Old Northwest.
E) Loans originating with eastern banks and insurance companies financed the acquisition of land and supplies.
Market Economy
An economic system in which production and prices are determined by unrestricted competition between privately owned businesses.
Erie Canal
A historically significant man-made waterway in New York State, opened in 1825, which connected the Great Lakes with the Atlantic Ocean, facilitating trade and migration.
Steel Plow
An agricultural implement invented by John Deere, making it easier to till the tough prairie soil of the United States.
- Acknowledge the significance of advancements and innovations in transportation and communication during the market revolution.
- Examine the patterns of migration and their influence on the development of the South and the Old Northwest.
Verified Answer
AS
Arpinder singhMay 08, 2024
Final Answer :
E
Explanation :
The increasing involvement of Old Northwest farmers in the market economy was significantly influenced by the availability of loans from eastern banks and insurance companies, which financed the acquisition of land and supplies, enabling expansion and increased market participation.
Learning Objectives
- Acknowledge the significance of advancements and innovations in transportation and communication during the market revolution.
- Examine the patterns of migration and their influence on the development of the South and the Old Northwest.