America: 1.1 The Boom Flashcards

1
Q

How did WW1 benefit the US economy? (AM 1.1)

A
  • Isolationism.
  • No wartime debts.
  • USA loaned money, sold food and equipment, creating jobs.
  • USA led in goods production, no war losses.
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2
Q

How did republican policy benefit the US economy? (AM 1.1)

A
  • Fordney McCumber tariff (high import taxes).
  • Cut taxes, allowing more money to spend, more business/job creation.
  • ‘Laissez faire’ businesses left alone to profit.
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3
Q

How did growing industries and consumers benefit the US economy? (AM 1.1)

A
  • US homes with electricity went from 15% in 1916 to 70% in 1927.
  • Huge demand for ultra-modern household gadgets created jobs.
  • Motor industry grew, using US steel, leather, rubber and glass, creating jobs.
  • Mass production lead to cheaper goods.
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4
Q

How did advertisements benefit the US economy? (AM 1.1)

A
  • In billboards, newspapers and magazines. Caused boosted sales.
  • Could use catalogues and deliveries, as well as ‘hire purchase plans’ to pay over time.
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5
Q

How much did consumer goods sales grow from 1919 to 1929? (AM 1.1)

A
  • Cars: 9 to 26 million.
  • Radios: .06 to 10 million.
  • Telephones: 10 to 20 million.
  • Fridges: Multiplied by 167x.
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6
Q

What was the assembly line? (AM 1.1)

A
  • Introduced by ford in 1913.
  • Quicker, cheaper way of making a car.
  • Used electric conveyor belts.
  • Model T Ford mass produced this way.
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7
Q

How did car prices fall between 1911 and 1928?

How many people bought Model Ts in this time? (AM 1.1)

A
  • Due to assembly line, fell from $800 to $295.

- 15 million.

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8
Q

What impact did the motor industry have on jobs? (AM 1.1)

A
  • For 1 factory worker, there were 10 making parts.

- Jobs on roads, building highways, oil refineries, petrol stations, roadside hotels and garages.

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9
Q

What were the social impacts of the motor industry? (AM 1.1)

A

+ Sense of freedom. Could live far away and drive to work.

- Traffic jams, accidents, pollution.

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10
Q

In 1926, how many cars were there? How many were Fords? (AM 1.1)

A

-20 million cars, half were Fords.

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11
Q

How could a shareholder make money? What was buying on the margin? (AM 1.1)

A
  • Receiving a share of company profits, selling there shares.
  • Buying shares through loaned money.
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12
Q

How many people owned shared in 1920 and 1929? (AM 1.1)

A

-4 million, becoming 20 million.

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13
Q

What percent of people owned 1/3 of wealth? How many millionaires were there in 1927? What percent of families lived on under 1000 a year? (AM 1.1)

A
  • 5%.
  • 15,000.
  • 42%.
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14
Q

What issues did farmers face? How many lost their farms in 1924? (AM 1.1)

A
  • In 1930, earned 1/3 of their income in 1920.
  • Less demand for American imports, which were taxed.
  • High tech machinery caused food prices to fall.
  • 600,000 lost their farms in 1924.
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15
Q

How did coal miners suffer? How did textiles factories suffer? (AM 1.1)

A
  • Mines closed. Other fuels (oil, gas, electric) used more.

- Less demand for cotton and wool as synthetic fibres became popular.

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16
Q

How did African-Americans and American-Indians suffer? (AM 1.1)

A
  • Many were farmers, whole industry suffered. Very poor, could only find low paying city jobs.
  • Land seized by miners. Forced into reservations with poor soil and poverty. Poor education and life expectancy.