Asked by Justin Walsh on Jul 13, 2024
Verified
Which of the following is a correct statement about economic developments in this period?
A) The change to a market economy went smoothly in the U.S.
B) Congress did not support any bills that favored capitalism.
C) Changes in the economy basically had the same affect on all Americans.
D) Wage earning became a dominant factor in the new economy.
Market Economy
An economic system where decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
Wage Earning
The act of receiving a regular payment in exchange for labor or services provided on an hourly, daily, or piecework basis.
- Gain insight into the evolution from a farming-based economy to a manufacturing and market-oriented economy, emphasizing the significance of key players and breakthroughs.
Verified Answer
MD
Megan DorheimJul 18, 2024
Final Answer :
D
Explanation :
The transition to a market economy in the U.S. during the 19th century led to the rise of wage labor as a dominant factor, as more people began working for wages rather than being self-employed or working on family farms.
Learning Objectives
- Gain insight into the evolution from a farming-based economy to a manufacturing and market-oriented economy, emphasizing the significance of key players and breakthroughs.