Which of the following is incorrect about the phosphate tree in the Cayman Islands?

The assertion that the phosphate tree was highly lucrative for local farmers is incorrect because, while it was cultivated, the financial benefits it provided were not substantial or enduring. The phosphate tree was part of an agricultural initiative aimed at diversifying income sources for farmers, but it did not yield the level of profits necessary to sustain its long-term cultivation. Local farmers often faced challenges due to the limited market for the product and competition with more established crops, leading to a modest financial return.

In contrast, the other statements reflect accurate aspects of the phosphate tree's history. The government indeed supported its development as part of economic initiatives. The crop did have an observable impact on the local economy, particularly during its cultivation phase, contributing to new agricultural strategies. However, the cultivation of the phosphate tree was eventually deemed short-lived due to various factors, including market fluctuations and changes in agricultural practices that favored more profitable crops.