The Panic of 1893 Began When

question 32

Multiple Choice

The panic of 1893 began when:

• A)the Treaty of Paris was signed, ending the American Revolution.
• B)the Titanic sank.
• C)real estate developers built too many office buildings.
• D)the Philadelphia and Reading Railroad failed.

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Definitions:

Firms

Business entities that produce goods or services, usually with the intention of selling them for a profit.

Opportunity Cost

The value of the best alternative forgone when a decision is made to use resources for a particular purpose.

Wage Increases

An upward adjustment in the amount of compensation employees receive for their work, often in response to inflation, productivity, or market demand.

Leisure

Time available for ease and relaxation where no work is done.