The Panic of 1893

question 77

Multiple Choice

The Panic of 1893

• A) was blamed largely on Populist politics.
• B) triggered the nation's most severe depression up to that point.
• C) began with a drought in the Midwest.
• D) grew out of the Cleveland administration's attempts at monetary reform.
• E) grew out of a political scandal in the Cleveland administration.

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Definitions:

Excludability

Excludability is a property of a good or service that allows its owner to prevent others from using it without permission, which is important for classifying goods in economic terms.

Public Good

Services or commodities made available to every person in a society free of cost, courtesy of either the government or non-governmental organizations, devoid of profit objectives.

Marginal Benefit

Marginal Benefit is the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Marginal Cost

The supplementary expense associated with creating an additional unit of a product or service.