Reading Questions - Chapter 24 Flashcards
During World War II did the United States move to or along the production possibilities curve?
the United Stated moved to it, since peaks were increasing.
In the year 1941 how did Germany rank in munitions production compared with the United States and the Soviet Union (U.S.S.R.).
Germany - 2nd
USSR - 1st
US - 4th
According to historian Richard Overy what contribution did Allied bombing make to the ultimate victory of the Allies over the Axis?
Strategic bombing diverted resources from ground war.
Who was Henry J. Kaiser? What did he do during World War II?
Innovative massive-production techniques of large war ships.
What was the most important means of finance for the United States in WWII? In other words, which means of finance provided the largest share of total revenues?
Taxes provided 42.1% of revenue
According to economic historian Claudia Goldin what percentage of women who entered the labor force between 1940 and 1944 had dropped out by 1950? What is the meaning of this finding?
About half had dropped out of the labor force. That means the women who would become the increasing proportion of labor were new workers, but older married women.
What was the Employment Act of 1946? What Federal Agency was created by this Act?
- the federal government’s responsibility was to “promote maximum employment, production and purchasing power.”
- the council of economic advisers
Why, according to the text, didn’t the Depression return after government spending was cut after World War II ended?
During the war people accumulated a lot of savings since they couldn’t spend during the war time on consumer-durables. When the war was over, there was a surge of demand as people spent their savings.
