Who Set Up the First American Textile Factory After He

question 16

Multiple Choice

Who set up the first American textile factory after he memorized the plans for an English factory and emigrated to the United States?

• A)Eli Whitney
• B)Francis Cabot Lowell
• C)Henry Ford
• D)Nick Woodman
• E)Samuel Slater

---

Definitions:

Elasticity of Demand

A measure of how responsive the quantity demanded is to a change in price, indicating how a product's demand will fluctuate with pricing changes.

Marginal Rate

Often refers to the incremental increase in cost or benefit associated with a one-unit change in an economic activity.

Substitution

The economic principle where consumers replace more expensive items with less costly alternatives, or when firms swap higher-priced inputs with cheaper resources.

Income Effect

The change in consumption resulting from a change in real income.