Impact of the boom

Question 1

Economic Growth

Answer 1

GNP increases from 78 billion to 103 billion in this decade. Number of people earning more than one million dollars rose from 65 to 513.

Question 2

Industry

Answer 2

standardisation (production processes are made the same, which leads to more consistent goods), cheaper goods.

Question 3

Employment

Answer 3

11.9 million unemployment rate in 1921 to 3.2 million in 1929. Henry Ford paid five dollars a day, double the rate in traditional industries.

Question 4

Women

Answer 4

Independent sources of income make women more independent. Jobs that women could work expanded. Labour-saving devices allowed women greater leisure time. 1929 25% of females were employed.

Question 5

Popular Culture

Answer 5

Cinemas and radios 1919-1929, radio sets owned increases from 60,000 - 10 million. Demand for goods increases by 20% over this decade. 1928 ⅙ Americans had a car.

Question 6

Farming

Answer 6

Farmers in general, had missed out on the economic boom of the 1920s due to overproduction and under consumption. Many farmers were in massive debt, and those who could not repay their mortgages became homeless. African Americans lived in the southern states, benefited less from the urban, industrial.