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
