Asked by Amanda Dorado on May 18, 2024
Verified
What was a result of the Panic of 1819?
A) Many farmers and businessmen declared bankruptcy.
B) Unemployment declined in eastern cities.
C) Trust in banks increased.
D) Many western states enlisted militias to collect debts.
E) Political harmony increased.
Bankruptcy
A legal process through which individuals or entities unable to meet their financial obligations can seek relief from some or all of their debts.
Unemployment
The situation of being without a job despite searching for work, reflecting the inability of an economy to generate enough jobs for its workforce.
- Analyze the factors leading to the Panic of 1819 and its effects on the economy and society of America.
Verified Answer
BC
Brianna CombsMay 20, 2024
Final Answer :
A
Explanation :
The Panic of 1819 led to widespread economic distress, including bank failures and bankruptcies among farmers and businessmen, as the first major financial crisis in the United States.
Learning Objectives
- Analyze the factors leading to the Panic of 1819 and its effects on the economy and society of America.