The Economic Boom Flashcards
Who became President after Woodrow Wilson in 1920?
Warren Harding
Which political party dominated the 1920s?
Republican
Which term refers to the hands-off approach the Republicans took to the economy?
Laissez Faire (Rugged individualism was also encouraged)
What type of production allowed items to be made on a large scale making them cheaper
to buy?
Mass Production
What made overseas goods more expensive to make more people buy American goods? These were made under a policy of protectionism.
Tariffs
What did businessman Henry Ford create using assembly lines?
Model T’s
The car industry used up what percentage of America’s steel and glass?
20% it also used 75% of the USA’s glass
How many cars were bought with hire purchase?
6 out of 10 cars in the 1920s were bought on Hire Purchase
How many farmers lost their farms in 1924?
600,000
By 1927 Henry Ford’s company was making one car every
10 seconds
What was the name of the cycle where mass production led to more goods being made
making them cheaper to buy meaning more workers are needed meaning more people can afford to buy goods?
Cycle of Prosperity
The richest 5% earned what percent of all the money?
33%
Name 3 groups which did not benefit from the boom
African Americans, Farmers, Older industries (coal)
What US decision in the Treaty of Versailles lead to the economic boom?
Isolationism
What percent of homes had electricity in 1916?
What percent homes had electricty in 1927?
15%
70%
What new objects were invented in the 1920s to make the life of woman more easier and provide more leisure time?
Electrical gadgets such as vacuum cleaners, radios, toasters and refrigerators.
Who was the president of the USA in the 1920s?
Harding, Coolidge, Hoover
What tariff was in 1922? President?
Fordney-McCumber Tariff Act (Harding)
40-400%
What 3 things did Henry Ford develop?
- Model T
- Assembly line
- Conveyor belt
Where was Ford’s largest factory in the world?
Detroit, Michigan
By 1929, how many cars were in the USA?
More than 26 million cars registered
Due to Henry Ford creating the Model T, how much did it cause the government to invest on the construction?
By $1 billion a year
What percent of cars were a model T by 1926?
50% (20 million cars)
What was the nickname of the Ford’s Model T?
Tin Lizzie
