Multiple choice Why was the purchase of Alaska called Seward's Folly? $7.2 million was too expensive People did not know there was oil and gold People thought it was a cold wasteland All of the above Reveal answer Fill a bubble to check yourself D Correct answer Explanation Seward's Folly refers to the purchase of Alaska from Russia in 1867. At the time, many Americans criticized the purchase, viewing Alaska as a frozen, useless wasteland, though it later proved to be rich in natural resources like gold and oil.