How Did WW2 Affect The US economy Between 1941-45 Flashcards
What was the Gross National Product (GNP) of the US in 1940?
$99.7 billion
What was the Gross National Product (GNP) of the US in 1945?
$211 billion
By 1947, what percentage of the world’s steel was produced by the US?
57 percent
By 1947, what percentage of the world’s electricity was produced by the US?
43 percent
By 1947, what percentage of the world’s oil was produced by the US?
62 percent
What agreement created the International Monetary Fund and the International Bank for Reconstruction and Development?
Bretton Woods Agreement
How much money did tax revenue raise to finance the war?
$137 billion
What was the total cost of the war?
$304 billion
What was the shortfall that the US Treasury needed to cover for the war costs?
$167 billion
What interest rate was offered for war bonds sold by the US government?
2.9 percent
How many Americans purchased war bonds by 1946?
85 million
How much money was raised from the sale of war bonds?
$185 billion
What agency was set up in April 1942 to set price ceilings for consumer goods?
Office of Price Administration
Who took overall control of the domestic war economy in January 1942?
War Production Board
What was the role of the War Manpower Commission established in April 1942?
Control the flow of workers in war industries
What did the War Labor Board do in July 1942?
Set wage increases for workers in the steel industry
What was the unemployment rate in 1945?
1.9 percent of the workforce
How many new jobs were created due to the war?
17 million
By how much did average wages increase during the war?
30 percent
What was the share of national wealth owned by the top five percent of the population before the war?
23.7 percent
What was the share of national wealth owned by the top five percent of the population during the war?
16.8 percent
Fill in the blank: The federal government launched war bond drives beginning on _______.
1 May 1941
True or False: The war led to an increase in wealth inequality in the US.
False
What was the Gross National Product (GNP) of the US in 1940?
$99.7 billion
What was the Gross National Product (GNP) of the US in 1945?
$211 billion
By 1947, what percentage of the world’s steel was produced by the US?
57 percent
By 1947, what percentage of the world’s electricity was produced by the US?
43 percent
By 1947, what percentage of the world’s oil was produced by the US?
62 percent
What agreement created the International Monetary Fund and the International Bank for Reconstruction and Development?
Bretton Woods Agreement
How much money did tax revenue raise to finance the war?
$137 billion
What was the total cost of the war?
$304 billion
What was the shortfall that the US Treasury needed to cover for the war costs?
$167 billion
What interest rate was offered for war bonds sold by the US government?
2.9 percent
How many Americans purchased war bonds by 1946?
85 million
How much money was raised from the sale of war bonds?
$185 billion
What agency was set up in April 1942 to set price ceilings for consumer goods?
Office of Price Administration
Who took overall control of the domestic war economy in January 1942?
War Production Board
What was the role of the War Manpower Commission established in April 1942?
Control the flow of workers in war industries
What did the War Labor Board do in July 1942?
Set wage increases for workers in the steel industry
What was the unemployment rate in 1945?
1.9 percent of the workforce
How many new jobs were created due to the war?
17 million
By how much did average wages increase during the war?
30 percent
What was the share of national wealth owned by the top five percent of the population before the war?
23.7 percent
What was the share of national wealth owned by the top five percent of the population during the war?
16.8 percent
Fill in the blank: The federal government launched war bond drives beginning on _______.
1 May 1941
True or False: The war led to an increase in wealth inequality in the US.
False
How many women served in the Women’s Army Corps during the war?
100,000 women served in the Women’s Army Corps.
What was the total number of women who served in the armed forces?
A total of 350,000 women served in the armed forces.
What was the greatest contribution of women during the war?
The greatest contribution was on the Home Front in wartime industries.
How many women entered the workforce for the first time during the war?
Six million women entered the workforce for the first time.
How many women had worked to help the USA win the war by its end?
By the war’s end, 18 million women had worked to help the USA win the war.
What types of jobs did women take on during the war?
Women filled roles such as telephonists, secretaries, welders, machinists, aircraft builders, and tank repairers.
What was the most dangerous work women did during the war?
The most dangerous work was manufacturing explosives, such as shells and bombs.
How many women were permanently disabled during the war?
Over 200,000 women were permanently disabled during the war.
How many women died while working in explosives factories during the war?
37,000 women died, many while working in explosives factories.
What was the average weekly wage for women in 1944?
The average wage for a woman was $31.21 per week.
What was the average weekly wage for men doing similar jobs in 1944?
The average wage for a man was $54.64 per week.
How did black American women fare in wartime work compared to white women?
Black American women received even less money than white women workers.
What happened to women’s jobs after the war ended?
Women were expected to give up their wartime work once the war had ended.
What did Celia Sapersteen Yanish do during the war?
Celia Sapersteen Yanish worked as a machinist in New York City during the Second World War.
What opposition did women face from male workers during the war?
Male workers resented the employment of women, fearing they would take away jobs.
What was the competitive system women worked under?
Women had to increase their production to earn more money.
What was the impact of the war on the economy?
The war had a significant impact on the economy, with many adults in the workforce.
What is a U-boat?
A U-boat is a German submarine used during the war.
What was the contribution of young people to the war effort during WWII?
With 11.8 million men in the military and over 17 million women in the workforce, 16- to 18-year-olds played an important role by engaging in activities such as producing toys, clothing, and furniture, and putting on entertainment programmes at military camps and hospitals.
What role did young people play in Civil Defence during WWII?
Young Civil Defence volunteers engaged in coast watching and monitoring for enemy aircraft, with fears of a Japanese invasion persisting until June 1942.
What were U-boats?
U-boats were German submarines used during the Battle of the Atlantic to sink Allied ships transporting essential supplies to Britain.
What was the unemployment rate in the USA in 1940?
In 1940, US unemployment was 8.1 million, which was 14.6 percent of the workforce.
What economic programs were introduced in 1941?
The Cash and Carry and Lend-Lease programs were introduced to stimulate growth in the US economy.
What was the significance of the Wagner Act of 1935?
The Wagner Act ensured that trade unions retained the right to collective bargaining, despite the NIRA being declared unconstitutional.
What is collective bargaining?
Collective bargaining is when a trade union negotiates with an employer for better pay and conditions on behalf of all its members.
What was the unemployment rate in the USA by 1945?
By 1945, unemployment fell to under one million, which was one percent of the workforce.
What was the impact of the New Deal on trade unions?
The New Deal led to considerable growth in trade union membership, aided by legislation from the Roosevelt administration.
What was the union membership in 1945?
Union membership rose to 14.3 million, which was 35.5 percent of the workforce by 1945.
What was the pattern of trade union membership in the USA from 1920 to 1955?
Union membership rose from 3 million to 35 million, reaching 14.3 million by the war’s end, which was 35.5% of the workforce.
What was the significance of the Congress of Industrial Organizations (CIO)?
The CIO was formed in 1936 to unionize semi-skilled and unskilled workers.
How did World War II affect union power in the USA?
With 8 million potential workers in the armed forces, union power increased as government and businesses preferred negotiating with one body.
What was the ‘no strike’ agreement during World War II?
Most unions agreed to a ‘no strike’ pledge in support of the war effort.
What labor problems arose during World War II?
Unofficial strikes became a problem, particularly with the United Mine Workers of America (UMWA) led by Jon L. Lewis.
What agreement did Jon L. Lewis sign in November 1943?
Lewis signed an agreement with Harold Ickes that broke the War Labor Board’s attempt to limit pay rises.
What was the impact of World War II on migration in the USA?
15 million Americans moved permanently, with many Black Americans continuing the Great Migration north and west.
What was President Roosevelt’s ‘Second Bill of Rights’?
It outlined economic rights such as the right to a job, adequate food, and health care.
What was the Manhattan Project?
A program to develop the atomic bomb, costing $2 billion and employing over 100,000 people.
How did the war stimulate the aircraft industry?
Aircraft production became the largest section of the war economy, costing $45 billion and producing 125,000 aircraft.
What were Liberty Ships?
Merchant ships built using a new prefabricated method, allowing construction in days.
What was the Cold War?
A period of international confrontation between the USA and USSR from 1945 to 1991, involving an arms race and proxy wars.
