Unit 2: Topic 2: The economy in the 1950s and the Consumer Society Flashcards
How did GDP increase?
- 1950- $350 billion
- 1960- $500 billion
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How did per capita income rise?
- 1940- $1700
- 1960- $2700
How much did the economy grow in the 1950s?
37%
How did real income rise 1945-60?
25%
How mcuh did housing increase over the 1950s?
27%
How much more purchasing power did the typical American family have in 1960 than in 1950?
30%
How much was unemployment in 1957?
4.5%
What was hte average inflation rate during Eisenhower’s Presidency?
2%
How many Americans lived in poverty?
1/4
How much of America’s poor was in the South?
1/2
When were the recessions during Eisenhowers Presidency?
- 1953
- 1957-8
- 1960
When did Eisenhower achieve a balanced budget?
- 1956
- 1957
- 1960.
What were the effects of the 1957 to 1958 recession?
- Unemployment rose from 4.5 percent to 7.5%.
- Production fell by 14%.
When did Stalin die?
1953
Who was the new soviet premier after Stalin?
Khruschev
How did the number of shopping malls increase?
- 1945- 8
- 1960- 40,000
Who franchised McDonalds?
Ray Kroc
What were the main reasons for economic growth?
Hint: there’s 8
- International/ economic events
- Industry/consumerism
- Eisenhower/ government policy
- The construction industry/ suburbs
- The baby boom/ teenage demographic
- Cars
- The growth of credit
- The growth of advertising/ TV
What was the average inflation rate?
2%
When did Eisenhower achieve a balanced budget?
- 1956
- 1957
- 1960.
How did Eisenhower’s budget change Truman’s defence expenditure defecit?
- 1954
- Reduced the defence expenditure by $5 billion
- Cut the $10 billion budget defecit by half.
How much was government spending on the military sector?
Still $40 billion
When was the GI bill?
1944
How many years of college education was given under the GI bill?
4 years
How many houses did the GI Bills mortgage assistance finance over how long?
- 20%
- 1946-66
When was the federal highways act?
1956.
How much money was spent on the federal highway act?
$26 billion
How many miles of road were built by the federal highway act and how long did it take?
- 41,000 miles
- 20 years
How much did defence expenditure rise as a result of Eisenhower’s dynamic conservatism?
- 1953- 31%
- 1961- 49%
How much did government expenditure increase by under Eisenhower?
11%
What caused Eisenhower to increase government expenditure?
- The Space Race
- The Soil Bank
How many recessions were there during Eisenhower’s presidency?
3 recessions
Who built Levittowns?
The Levitt Brothers
When was the first Levittown built?
1947
How many homes did the first Levittown have?
- 17,000 homes
- 80,000 residents
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How much did a home in a Levittown cost?
$8,000- 2.5x average family income
How many of the new homes constructed were built in the suburbs and when?
- 1948
- 11 million/ 12 million built in hte suburbs
When was the baby boom?
1946-1960
How much did the population increase by?
- 1950- 150 million
- 1960- 180 million
When did the boomers enter their teenage years?
1950s
Which magazine claimed teenagers were a powerful economic force and how much did it claim they were?
- Life Magazine
- $10 billion dollar power
How much did life magazine claim teenagers spent on different products?
- 20 million record players
- $25 million on deoderant
- Ate 20% more than adults
Whose poetry and novels were targetted at teenagers?
The Beat Generation
Which Hollywood film was about teenagers and when was it released?
Rebel without a cause- 1955