The Panic of 1857 Virtually Destroyed the Southern Cotton Economy

question 89

True/False

The Panic of 1857 virtually destroyed the southern cotton economy.

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Definitions:

Entitlement Programs

Government programs such as social insurance, Medicare, and Medicaid that guarantee (entitle) particular levels of transfer payments or noncash benefits to all who fit the programs’ criteria.

Social Insurance Programs

Government schemes designed to provide financial assistance to individuals during events like unemployment, disability, or retirement.

Poverty Line

A specified threshold below which individuals or families are considered to be living in poverty, based on income level.