Economics

Question 1

Tanganyika Groundnut Scheme

Answer 1

Cost £49 million
Yielded 0 groundnuts
Scheme ran 1946-51

Question 2

Electricity was rationed into the…

Answer 2

1950s

Question 3

How was money from Colonial Development and Welfare acts mismanaged?

Answer 3

In Southern Rhodesia and Kenya funding was often given to projects managed by white settlers (who exploited African labour)

Question 4

Labour government devalued the pound in…

Answer 4

1949 (made the dominions angry)

Question 5

Colonies were forced to lend Britain more money than was being invested in them

Answer 5

1945-51

Question 6

Western Europe was experiencing a dramatic post-war recovery in…

Answer 6

1950s

Question 7

EEC emerged

Answer 7

1957

Question 8

Britain applied for (and failed to gain) EEC membership

Answer 8

1961 and 1967

Question 9

Why did the British not gain EEC membership?

Answer 9

De Gaulle vetoed British membership as the British had wanted to continue a special relationship with their Empire

Question 10

British finally gained EEC membership

Answer 10

1973

Question 11

Gambia Poultry Scheme

Answer 11

Aimed to yield £1 million in profit and 20 million eggs per year but in reality the majority of the chickens died of typhoid

Question 12

Sterling Crisis

Answer 12

November 1967 - British government forced to devalue sterling in order to keep British imports and exports competitive

Question 13

Further Colonial Development Acts were passed in…

Answer 13

1949 and 1950

Question 14

Immediately after WWII, trade with the Commonwealth grew

Answer 14

By mid-1950s…
Imports = 4% increase
Exports = 2% increase

Question 15

In 1951, what percentage of overall British imports and exports came from/went to the Commonwealth?

Answer 15

In 1951, Commonwealth = 49% British imports and 54% British exports

Question 16

% of British overseas investments in shares and securities were in Empire companies and governments

Answer 16

1956, 58% of all British overseas investments in shares and securities were in Empire companies and governments

Question 17

Imports from Western Europe into Britain surpassed those from the Commonwealth in…

Answer 17

1965

Question 18

By mid-1950s, X % more British exports went to Western Europe than to Empire

Answer 18

5% more (less reliant on Commonwealth as a market for British goods)

Question 19

Exchange Control Act

Answer 19

1947 - strengthened the Sterling Area
Common trade policy
Had to purchase more imports from Britain

Question 20

Sterling Area

Answer 20

Post WWII it became a closed economic bloc which comprised of 25% of the world’s population and trade, exceeding the dollar area

Question 21

End of the Sterling Area

Answer 21

1967 - British government has to devalue sterling in order to make British imports and exports more competitive (sterling was no longer stable enough for countries to want to peg their currencies to it)