#1
What is Texas' largest export?
Oil and petroleum products
ExplanationOil and petroleum products are Texas' largest export due to its rich oil reserves.
#2
Which of the following industries is NOT a major part of the Texas economy?
Textiles
ExplanationTextiles are not a significant part of the Texas economy compared to sectors like oil, gas, and technology.
#3
Which Texas city is known as a major hub for the technology industry, often referred to as 'Silicon Hills'?
Austin
ExplanationAustin is referred to as 'Silicon Hills' due to its vibrant technology industry.
#4
What is the significance of the Permian Basin in Texas?
It is one of the most productive oil-producing areas in the world
ExplanationThe Permian Basin is globally significant as one of the most productive oil-producing regions.
#5
Which policy is most associated with Texas' approach to attracting business investment?
Regulatory flexibility and low taxes
ExplanationTexas' strategy for attracting business investment is characterized by regulatory flexibility and low taxes.
#6
Which agency is primarily responsible for regulating the oil and gas industry in Texas?
Railroad Commission of Texas
ExplanationThe Railroad Commission of Texas is the primary regulatory body for the oil and gas industry.
#7
What was the main impact of the North American Free Trade Agreement (NAFTA) on Texas' economy?
Boost in cross-border trade with Mexico and Canada
ExplanationNAFTA significantly increased cross-border trade, benefiting Texas due to its proximity to Mexico and Canada.
#8
How does Texas' no-income-tax policy affect its economic policy and population growth?
It attracts businesses and individuals, contributing to population growth
ExplanationTexas' no-income-tax policy draws businesses and individuals, stimulating population growth.
#9
Which sector contributes most to the GDP of Texas?
Oil and gas
ExplanationThe oil and gas sector is the largest contributor to Texas' GDP.
#10
What significant economic policy did Texas implement to attract renewable energy investments?
Tax incentives for renewable energy projects
ExplanationTexas offers tax incentives to attract investments in renewable energy projects.
#11
What is the role of the Texas Economic Development Council?
Promoting job creation and business investment throughout the state
ExplanationThe Texas Economic Development Council aims to foster job creation and business investment statewide.
#12
How does Texas' sales tax system impact its overall taxation structure?
It compensates for the absence of a state income tax, leading to a reliance on sales and property taxes.
ExplanationTexas relies on sales and property taxes to compensate for the lack of a state income tax.
#13
What initiative has Texas undertaken to diversify its economy beyond oil and gas?
All of the above
ExplanationTexas has undertaken various initiatives to diversify its economy, including investing in technology, renewable energy, and manufacturing.
#14
In what way has Texas' demographic shift impacted its economic policy?
By necessitating policies that support a diverse workforce
ExplanationTexas' changing demographics require policies that support diversity in the workforce.
#15
What role does the Texas Enterprise Fund play in the state's economic development?
It offers incentives to attract business relocations and expansions to Texas.
ExplanationThe Texas Enterprise Fund provides incentives to encourage businesses to relocate or expand operations in the state.