Economic Developments: The Economy from 1960-75

Question 1

In what years in the early 1960s was there a recession from?

Answer 1

1960 to 1961

Question 2

What did Kennedy bring the minimum hourly wage up to?

Answer 2

$1.25 an hour

Question 3

How much was the advertising industry worth in 1950?

Answer 3

$6 billion

Question 4

How much was the advertising industry worth in 1963?

Answer 4

$13 billion

Question 5

What year did Kennedy create the Housing Act?

Answer 5

1961

Question 6

What did the 1961 Housing Act do with loans?

Answer 6

It gave people access to longer-term loans

Question 7

What act relation to re-training of people was passed in 1961?

Answer 7

1961 Training Act

Question 8

What did the 1961 Training Act do?

Answer 8

Trained people who had been unemployed for a long period of time

Question 9

What year was the Public Works Act passed?

Answer 9

1962

Question 10

What did the public works act aim to create a lot of?

Answer 10

Jobs

Question 11

How much money was given to job creation under the 1962 Public Works Act?

Answer 11

$900 million

Question 12

Why did Kennedy cut tariffs with the EEC?

Answer 12

To improve trade with them

Question 13

What act created satellite technology for the USA?

Answer 13

Telstar Act

Question 14

What year was the Telstar Act passed?

Answer 14

1962

Question 15

By what percentage did spending on NASA increase by from 1961 to 1963?

Answer 15

Increased by 200%

Question 16

How much did the USA GDP increase from 1961 to 1963?

Answer 16

$400 billion

Question 17

On average, how much did the USA GDP grow by from 1965-70?

Answer 17

$200 billion a year

Question 18

What percentage was the GDP of the USA going up by annually in 1964?

Answer 18

5%

Question 19

What percentage of Americans were below the poverty line in 1964?

Answer 19

20%

Question 20

What percentage of Americans were below the poverty line in 1968?

Answer 20

12%

Question 21

By what percentage did US debt increase by from 1964 to 1968?

Answer 21

Increased by 15%

Question 22

What 2 medical programs did Johnson create?

Answer 22

Medicare, Medicaid

Question 23

How many Americans were benefitted from the creation of Medicare and Medicaid?

Answer 23

25 million

Question 24

What act was passed for Appalachian states in 1965?

Answer 24

Appalachian Development Act

Question 25

What did the Appalachian Development Act do?

Answer 25

Gave funding to Appalachian states

Question 26

How much idd Johnson spend on his Great Society programs?

Answer 26

$15 billion

Question 27

How much did Johnson spend on the Vietnam War?

Answer 27

$120 billion

Question 28

What was argued with many Great Society programs in terms of their cost?

Answer 28

They were too expensive

Question 29

How much did Head Start cost?

Answer 29

$2 billion

Question 30

What did Nixon do with wages in 1971?

Answer 30

He introduced a wage-freeze

Question 31

What percenatge of Americans approved of Nixon implementing a wage freeze?

Answer 31

75%

Question 32

What did Nixon do with the US and the Gold Standard?

Answer 32

Took the US off the Gold Standard

Question 33

What happened to the value of the dollar by Nixon taking it off the Gold Standard?

Answer 33

It became devalued

Question 34

What global financial system had been in place since 1944?

Answer 34

Bretton Woods system

Question 35

What did the 1944 Bretton Woods system do?

Answer 35

It made the dollar the global standard currency

Question 36

If the dollar was devalued, what impact did it have on the value of currencies for the rest of the world?

Answer 36

They also devalued

Question 37

What year did the Arab-Israeli war start?

Answer 37

1973

Question 38

What crisis happened due to the Arab-Israeli War?

Answer 38

Oil crisis

Question 39

How much did the price of oil go up by from 1973 to 1975?

Answer 39

It quadrupled

Question 40

What percentage was inflation at in 1974?

Answer 40

12%

Question 41

What percentage was inflation at in 1975?

Answer 41

9%

Question 42

By what percentage did unemployment increase from 1968 to 1971?

Answer 42

2%

Question 43

What form of "flation" was the USA suffering from in the 1970s?

Answer 43

Stagflation

Question 44

What is stagflation?

Answer 44

Where inflation increases but economic growth does not

Question 45

By what percentage was unemployment increasing a year in 1975?

Answer 45

8%

Question 46

What was President Ford told about the New York financial situation in 1975?

Answer 46

They needed direct financial aid to not go bankrupt