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Paper 1D: America 1920-1973 CORE CONTENT > Topic 1 - 1920s U.S. Economy (Knowledge) > Flashcards

Topic 1 - 1920s U.S. Economy (Knowledge) Flashcards

1
Q

How much did American industry grow in the 1920s?

A

It doubled

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2
Q

What proportion of the American workforce was unemployed in 1921 (%)?

A

11.9%

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3
Q

What proportion of the American workforce was unemployed in 1926 (%)?

A

1.9%

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4
Q

What were the main natural resources America possessed?

A

Oil, coal, iron, gas

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5
Q

How did America help Britain and France’s war effort during the early part of WWI (1914-17)?

A

Lent money to the Allies, and sold arms and munitions to GB and France.

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6
Q

In which industry did America overtake Germany after WWI?

A

Chemicals

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7
Q

Name three Republican government policies.

A
  1. Laissez-faire
  2. Tariffs
  3. Low taxation
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8
Q

Which Act was introduced in 1922, which increased tariffs higher than ever before?

A

The Fordney-McCumber Tariff Act.

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9
Q

What allowed Americans to get consumer goods and pay for them later in regular weekly and monthly instalments (“buy now, pay later”)?

A

Hire purchase.

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10
Q

What proportion of radios was bought on credit?

A

8/10

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11
Q

What was the name of Ford’s most famous car in this period?

A

The Model T

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12
Q

What was the price of a Model T when it was first produced in 1908?

A

$850

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13
Q

What had the price of a Model T fallen to by 1925?

A

$290

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14
Q

By 1924, what had happened to the time it took to build a Model T?

A

Fell from 12.5 hours to 1.5 hours

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15
Q

By 1927, how often did a Ford car come off a production line?

A

Every 10 seconds

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16
Q

How many cars were produced in 1929?

A

4.8 million

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17
Q

How many workers were employed by the car industry in 1929?

A

500,000

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18
Q

What proportion of Americans owned a car by 1929?

A

1 in 5

19
Q

Which other industries benefitted from the growth of the motor car industry?

A 
Glass production (75% was used by the car industry)
Leather
Steel
Rubber
Petrol and petrol stations
Road-building
House-building in suburbs
Motels and holiday resorts
20
Q

Give 5 examples of new consumer products mass produced in the 1920s.

A

Washing machines, telephones, vacuum cleaners, radios and motor cars.

21
Q

How many radios were sold by 1929?

A

10 million (up from 60,000 in 1920)

22
Q

What three sales and marketing methods were used to encourage Americans to spend?

A

Poster and radio advertisements
Travelling salesmen
Mail-order catalogues

23
Q

What is the term for part of a company bought and sold on the stock market?

A

Share

24
Q

What was the term used for borrowing money to buy shares?

A

“Buying on the margin” (90% of the share price was borrowed)

25
Q

How did shareholders make money?

A
  1. Gaining a percentage of the company’s profits.

2. Selling their shares for a higher price.

26
Q

What happened to the value of shares during the 1920s?

A

They rose

27
Q

What was the term for shareholders who “bought on the margin” and then hoped to sell their shares for a quick profit?

A

Speculators

28
Q

How did the buying of shares help companies?

A

It gave them more money to invest so they could expand.

29
Q

What happened to total farm income between 1919 and 1928?

A

Fell from $22 billion to $13 billion.

30
Q

How many farmers went bankrupt?

A

500,000

31
Q

What was the major cause of famers’ financial difficulties in the 1920s?

A

Overproduction

32
Q

What led to Europe importing far less food from America after the war?

A
  1. Tariffs

2. Poor economy

33
Q

How much did most farm prices fall by in 1921?

A

50%

34
Q

Which pest destroyed cotton crops in the southern states?

A

Boll-weevil

35
Q

What was the name of farmers given a proportion of the crop to sell rather than a cash wage?

A

Sharecroppers

36
Q

How many black farm workers lost their jobs in the 1920s?

A

Approximately 1 million.

37
Q

What happened to many farmers who couldn’t pay back money they had borrowed (i.e. mortgage repayments)?

A

Their land was repossessed (taken away from them).

38
Q

Name two other industries which did not benefit from the boom.

A

Coal and traditional textiles.

39
Q

What did coal suffer competition from?

A

Oil and electricity.

40
Q

How much did a coal miner earn compared to the national average?

A

1/3

41
Q

What did leather and textiles suffer competition from (x2)?

A
  1. Man-made materials e.g. nylon.

2. Cheap labour in the southern states.

42
Q

What proportion of American families lived below the poverty line in 1929 (%)?

A

60%

43
Q

What was Republican policy towards unemployment and poverty?

A

Not to interfere (‘rugged individualism’)

Paper 1D: America 1920-1973 CORE CONTENT (15 decks)

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