US knowledge test Flashcards
How did the USA emerge from WW1?
The USA had lent the old empire powers, like Britain, money which they now had to repay
What happened to the production of industrial goods during the 1920s?
Production of industrial goods rose by 50% between 1922 and 1929
What was the assembly line and who pioneered its use?
Henry Ford pioneered the use of this method of production using a moving conveyor belt. A product is gradually built as it moves to each unskilled person working on the assembly line who completes one step of the production.
By 1924, how effective had Ford’s assembly line been?
10 million Model Ts had been built at Highland Park
What impact did technological advances have on leisure?
Between 1923 and 1930, 60% of American families purchased radios
By 1929 how much had been bought on credit?
Almost $7 billion worth of goods were sold using credit
Who was the Republican President between the years 1923 and 1929?
Calvin Coolidge
Which statement best describes the approach of the Republican Government during the 1920s?
The government of the 1920s took a laissez faire approach, choosing to let the economy grow freely with very little intervention and regulation. The legislation they did introduce was motivated by protecting the US economy above all others, and reinforcing the culture of self-help and individualism in the American people.
Which was a negative effect of the Fordney McCumber Tariff of 1922?
Costs increased for Farmers, who relied on foreign markets to export their surplus, and purchased their machinery from abroad.
What is a cartel?
When a group of different producers work together to fix prices or limit supplies so that they make the most profit.
What is a holding company?
When a company is so big that it ends up controlling other companies, giving it the power to fix prices and make big profits.
How was wealth distributed across the USA?
Wages in the North Eastern Industrial cities: average $921 a month, wages in rural South: average $361 a month
Which of the below was NOT a reason why there was a drop in demand for agricultural products?
Mechanisation meant that more crops could be produced on fewer acres, 13 million acres were taken out of production during the 1920s.
What % of farmers operated at a loss?
66%
What was the Agricultural Credits Act 1923?
The Act funded 12 Credit banks to lend to cooperatives - with the idea that small farms would join together.
