Economic Developments: Evidence of the Economic Boom in America 1 Flashcards
Name a tariff passed in 1922
Fordney-McCumber Tariff
Why was the Fordney McCumber tariff passed?
To protect businesses
What was the impact on other countries of the Fordney-McCumber tariff?
They made retaliation tariffs
How many billions of dollars did Mellon create in tax reductions for large scale industries?
$3.5 bil in tax reductions
What happened to the highest rate of income tax in 1924?
It was put down to 25%
What helped keep unemployment low in terms of developments in businesses?
Businesses made new departments
How can it be seen US Steel was such a large monopoly in the 1920s?
They could choose what prices they wanted all steel in America to be at
How many people were employed by 90 big businesses by 1928 to learn how to work in new departments?
70,000 people
Name a new department that businesses started to have in the 1920s
Advertising department
How many of the wealthiest companies owned 20% of wealth in America in 1928?
200 of the wealthiest companies
Why did many big businesses operate as cartels?
To fix their prices
Name a company founded in the 1890s that became a monopoly in the 1920s
General Electric
Who ran General Electric?
Samuel Insull
How many electricity companies controlled most of America’s electricity by 1929?
16 companies
How many companies did General Electricity control?
111 companies
What percentage of homes had electricity in 1927 compared to 1912?
15% of homes had electricity in 1912. 27% of homes had electricity in 1927
How many times did the amount of oil usage go up by in the 1920s?
It doubled
How many times did the amount of gas usage go up by in the 1920s?
It quadrupled
How much money were American companies spending on advertising in total in 1929?
$3 billion
How much money were American companies spending on advertising in total in 1914?
$600 million
How did some cigarette companies advertise their cigarettes?
Said they were “torches of freedom”
In what year were there 10 million cars in America?
1919
In what year were there 20 million cars in America?
1927
How many cars in America were there by 1929?
26 million cars
How many households had radios in 1920?
5000
How many households had radios in 1927?
20 million
How many times more telephones were there in 1930 compared to 1915?
Twice as many telephones
