1920s boom and crash Flashcards
(25 cards)
What was unemployment at in 1920?
3.7%
in 1913, how long did it take to make a ford car?
2hrs 40mins
what was the most produced car? how much did it cost in 1925?
Ford Model T, $290
by 1929, how many companies controlled 90% of the USAs electricity supply industry?
16
in 1929 how many electrical appliances were in the USA
160 million
what % of americans had electricity in their homes?
75%
what was the first major commercial radio station?
KDKA
by 1929, how many radio stations were in the USA?
619
When was the federal highways act passed?
1921
what did the federal highways act do?
gave the gov responsibility for building roads
in 1920, how many cars did ford produce?
1.25 million
how many workers did the car industry employ?
375,000
how much did real wages rise between 1923-29?
13%
what was a “hire purchase” scheme?
allowed consumers to buy goods by initially paying a small portion of the price and then paying off the rest in monthly installments
what is a “laissez faire” policy?
leaving things alone, in an economic context
When did congress pass the Fordney-McCumber Tariff?
1922
what did the fordney mccumber tariff do?
places taxes on foreign goods imported into the USA such as chemicals,textiles and farm products
How was agriculture effected by technological advances?
increase in employment among farmers
What was National Prohibition?
the manufacture, sale and consumption of alcohol was banned across the USA in 1920
How did black americans suffer in the boom years?
many were sharecroppers who were unable to escape poverty
what is a sharecropper?
farmers would buy seed and rent land from a large land owner, in return, they would pay the landowner when the crop was harvested
between october and december 1929, how many people were unemployed?
4 million
what % did average real wages fall between 1929 to 1931
16%
what were the reasons for the crash/depression?
Wall strt crash, overproduction, land speculation, bull market, weakness of US banking system
