Political Developments: New Freedom

Question 1

What was the emphasis of Wilson’s New Freedom Programme?

Answer 1

He wanted to make it so that small businesses could compete with each other without the risk of large businesses being dominant

Question 2

What approach of the government would Wilson maintain?

Answer 2

Laissez-faire approach

Question 3

Name a tariff passed under the New Freedom programme

Answer 3

The Underwood-Simmons Tariff

Question 4

What did the Underwood-Simmons Tariff do?

Answer 4

Slashed tariff rates by 20%

Question 5

What new form of tax would Wilson introduce with his New Freedom program?

Answer 5

Income Tax

Question 6

What was the case for income tax before Wilson was President?

Answer 6

Only people with an income of $4000 or more had to pay income tax

Question 7

What would be the case for income tax when Wilson would change it?

Answer 7

Everyone would have to pay income tax

Question 8

Name an act under this program which created a central bank for the USA, and the year it was passed.

Answer 8

The Federal Reserve Act of 1913

Question 9

What was the purpose of the Federal Reserve?

Answer 9

To protect the USA from future Depressions

Question 10

Long term significance of the Federal Reserve?

Answer 10

Franklin Roosevelt would use it 20 years later to help with the Great Depression

Question 11

How many banks were under the Federal Reserve System by 1923?

Answer 11

70%