USA: economic boom

Question 1

where did oil come from?

Answer 1

California, Oklahoma and Texas

Question 2

where did coal come from?

Answer 2

Kentucky, Pennsylvania, West Virginia

Question 3

where did iron come from?

Answer 3

Minnesota

Question 4

where did timber come from?

Answer 4

forests of Washington state and Oregon

Question 5

who did the US lend money too? how did it benefit them?

Answer 5

Britain, France and Russia

paid back with interest but also the money borrowed was used to buy weapons and supplies from american companies

Question 6

what did the food shortages in Europe mean?

Answer 6

American farmers could sell their crops to Europe for high prices

Question 7

how did America gain control of the international trade markets?

Answer 7

while their rivals were fighting in war, they sold more and took over

Question 8

what is hire purchase?

Answer 8

if someone did not have the money to buy the goods they wanted all in one go hire purchase allowed them to buy the goods they wanted with a small deposit and pay the rest weekly or monthly

Question 9

what did electrification lead to?

Answer 9

radios, washing machines and hoovers

Question 10

when was the hoover first introduced?

Answer 10

1926

Question 11

when was the refrigerator introduced?

Answer 11

1927

Question 12

how many homes had electricity in 1920?

Answer 12

33%

Question 13

how many homes had electricity in 1929

Answer 13

70%

Question 14

what new techniques were introduced in factories due to electrification?

Answer 14

the assembly line

Question 15

what is the assembly line?

Answer 15

conveyor belt carried the partly assembled car past gangs of men spaced along the line each having specific tasks

Question 16

what time did the assembly of the ford model T reduce from and to?

Answer 16

13 hours to 1 hour 33 minutes

Question 17

what did the model T price fall to from 1914 to 1926?

Answer 17

1914 - $850

1926 - $295

Question 18

what did Ford do to wages for the boredom of repetitive work?

Answer 18

doubled wages to $5 a day

Question 19

how did Ford sell his cars?

Answer 19

used new advertising techniques and introduced hire purchase

Question 20

how did the car industry affect other industries?

Answer 20

increase in cars stimulated road building

made farms mobile instead of isolated

Question 21

when was Warren Harding president?

Answer 21

1921-23

Question 22

what were Harding’s key policies?

Answer 22

Return to normalcy?
wanted to reduce government interference in the economy
wanted to reduce the tax burden on the rich

Question 23

when was Calvin Coolidge president?

Answer 23

1923-29

Question 24

what were Coolidge’s key policies?

Answer 24

Laissez-faire

government’s limited role in the economy

Question 25

when was Herbert Hoover president?

Answer 25

1929-33

Question 26

what were Hoover's key policies?

Answer 26

rugged individualism belief people achieved success through hard work people shouldn't expect government to do things for them

Question 27

what is protectionism?

Answer 27

tariffs imposed on goods to limit foreign competition

Question 28

what is the Fordney-McCumber tariff? when was it introduced? under who's presidency?

Answer 28

raised import duties on foreign goods 1922 Warren Harding

Question 29

why didn't farmers benefit from the boom?

Answer 29

fall in food prices | farmers forced to borrow money and couldn't keep up with mortgage payments

Question 30

why didn't black american's benefit from the boom?

Answer 30

many were labourers or sharecroppers | farmer couldn't pay most employees and black american's were the last hired and first fired

Question 31

why didn't immigrants benefit from the boom?

Answer 31

viewed as cheap labour received low wages experienced prejudice and discrimination

Question 32

why didn't traditional industries benefit from the boom?

Answer 32

coal faced competition from oil and gas railroad industries faced competition from road networks shipping industry faced a sharp decline