1920-1945 Economic

Question 1

how many cars were ther ein 1919, and how many in 1929?

Answer 1

19=9m

29=26m

Question 2

what are the 4 steps to the cycle of prosperity?

Answer 2

more sales=more production=more wages=more spending

Question 3

what were the 6 key causes of the boom?

Answer 3

Automobiles
Cycle of prosperity
Consumer goods/credit
Entertainment
Stock market
Skyscrapers

Question 4

who was the secretary of the treasury and what did they do that promoted the boom?

Answer 4

Andrew Mellon

low taxes, balanced budget, minimal government intervention

Question 5

give 4 republican economic policies?

Answer 5

LF
Tariffs
Low taxes
Trusts (cartels)

Question 6

how had ww1 helped the American economy?

Answer 6

• loans to europe

- selling weapons/food

Question 7

from 1922 how much did the gdp grow each year?

Answer 7

2%

Question 8

how much did real wages raise from 1922?

Answer 8

30%

Question 9

how did Ford influence industry?

Answer 9

• assembly line meant cars could be made in 1hr 33mins (down from 13 hours)
• prices decreased (1908=$850, 1925=$290)
• $5 a day wages meant workers could buy more

Question 10

how many jobs did mechanisation cost each year?

Answer 10

2m

Question 11

how much did wheat prices fall by?

Answer 11

50%

Question 12

give 5 causes of the WSC?

Answer 12

over production
unequal distribution of wealth
high import tariffs on US goods in other countries
reps. didn't regulate banking/business
speculation on the stock market

Question 13

how many banks went out of business by 1933?

Answer 13

5500

Question 14

how much did industrial production drop by due to wsc?

Answer 14

45%

Question 15

how many people were unemployed in 1932?`

Answer 15

13m

Question 16

apart from trade, what caused the depression to become global?

Answer 16

americas demand for nations to repay loan debts even when they couldn’t afford to

Question 17

what was the 1932 Glass-Steagal act?

Answer 17

tried to pump gov money into the economy

Question 18

what did the federal farm board do?

Answer 18

provide loans to farmers co-ops

Question 19

what did the Grain Stabilisation corp. do?

Answer 19

stabilised the price of wheat

Question 20

how much did hoover allow congress to spend to try and create jobs?

Answer 20

$2.1b

Question 21

give 3 points regarding the budget during the first new deal?

Answer 21

• no deficit budget
• cut gov pay 15%
• borrowed and spent millions on new deal, but on things designed to pay back

Question 22

what 2 things prevented banks closing failing businesses before they had a chance to borrow from the federal reserve board?

Answer 22

farm loan act

bankruptcy act

Question 23

what did the AAA do?

Answer 23

paid farmers to take fields out of production to stop overproduction and drive up prices

Question 24

what was the NRA?

Answer 24

blue eagle
2.5m firms joined
cut production+good wages

Question 25

what put more adults into work?

Answer 25

abolished child labour

Question 26

give 3 ways fdr impacted the currency?

Answer 26

• people had to deposit gold in banks
• gold price up from $20/ounce to $35/ounce
• made banks give all gold to federal government

Question 27

what 2 alphabet agencies did the SC deem unconstitutional?

Answer 27

NRA

AAA

Question 28

did the new deal end the depression?

Answer 28

no, it was ww2 (Ward’s favourite sentence that)

Question 29

how much material was exported to the Allies during ww2?

Answer 29

$50b worth

Question 30

did the us receive payment for war goods?

Answer 30

no, but still greatly stimulated the economy

Question 31

what % of the war contracts did the 100 leading firms have?

Answer 31

80

Question 32

how many americans were involved in war factory work?

Answer 32

14m

Question 33

how many women joined the workforce during ww2?

Answer 33

7m