3: The Economic Boom 1919-1929

Question	Answer
For the first time, more people were living in .... areas	urban
The growth of the black population in cities also linked to the growth of....	suburbia
Between 1920 and 1930, the % of families with central heating rose from....% to .....%	Rose from 1% to 42%
By 1930, ....% of homes in cities had access to electricity	85%
Technological advances saw the creation of new materials such as....	Bakelite
A range of domestic goods had become available. Now ....% of people owned vacuum cleaners by 1930	30%
Electric washing machines were owned by ...% of families in 1930	24%
It was not until the 19....s that rural parts of American got their own electricity supply	1950s
By 1929, American companies were spending .... each year on advertising ( a .... increase)	$3 billion per year A five-fold increase
By the end of the 20s, ...% of all furniture had been brought on hire purchase schemes	60%
By the end of the 20s, ....% of all radios had been bought on hire purchase schemes	75%
By the end of 1922, there were ... radio stations	556
The popularity of the radio is shown by the popularity of their shares which rose ....% between 1925 and 1929	929%
By 1930, .... cinema tickets were being sold every week	100,000,000 One hundred million
Between 1921 and 1929, average wages in the USA rose from.... to ..... per year	$1,308 $1,716
Share dividends paid out to investors rose by ...%	65%
Total expenditure on education rose by....times, showing that it was not a wholly materialistic society	rose by 5 times five-fold
The most famous scandal associated with President Harding	The Teapot Dome Scandal
In 1923, Warren Harding passed away, and was succeeded by...	Calvin Coolidge
His main political belief was in....	laissez-faire
Industrial output during the 1920s almost....	doubled
Average unemployment never rose much above...% between 1922 and 1929	3.7%
Inflation never rose higher than ...%	1%
Gross Domestic Product stood at ..... in 1920 and ...... in 1929	$73 billion in 1920 $104 billion in 1929
Consumption of electricity...	doubled
in 1929 alone.... worth of radios were sold	$852 million worth
What was Coolidge's famous policy of government?	'The chief business of American people is business'
The name of Calvin Coolidge's Treasury Secretary and his main political/economic belief	Andrew Mellon Believed that wealth filtered down naturally into all classes, and so it was best to allow the rich to grow as rich as possible
The three main ways that the government did intervene in the economy?	- High Tariffs (protectionism) -Tax Reductions -Fewer Regulations
The Act which raised tariffs, and when it was passed	The Fordney-McCumber Act passed in 1922 (meant that domestic products were guaranteed a market, but reciprocal measures meant that foreign trade was adversely affected)
The years in which major tax reductions were made	1924, 1926 and 1928
In 1920, the highest tax stood at ....% In 1928 the highest tax stood at ....%	1920 - 65% 1928 - 25%
Mellon handed out rebates and credits to corporations totalling ....	$3.5 billion
The year that Ford introduced the moving assembly line	1913
The car that made motor vehicles affordable, introduced in 1909	The Ford Model T
The motor car industry was the largest in the USA, true or false?	True
The motor car industry employed.....% of all workers	7%
Why did agriculture suffer as a result of the motor car industry?	It reduced the demand for horses, and therefore horse food
In 1929, how many labour saving devices were sold?	160 million
By 1929, the largest .... corporations in the USA possessed ....% of the nations wealth	200 corporations 20% of the nations wealth
By 1929, almost .... worth of goods were sold on credit	$7 billion
...% of cars were purchased on hire purchase schemes	75%
What is 'Fordism'?	The mass production of inexpensive goods coupled with high wages for workers
Which regions of the USA had only sparse industrial development, and the major occupation was still agriculture?	The West and the South
Old industries were generally suffering hard times. Why was coal suffering?	From competition in new resources such as oil
Why was cotton suffering?	From the development of new synthetic fibres
Why were the northern textile mills suffering?	Because the southern textile mills were able to employ cheap labour, whereas the north could not
What percentage of black people lived in the South of the US?	85%
How much did the number of millionaires increase by between 1914 and 1928?	5 fold increase
Who were the winners of the economic prosperity?	Owners of Corporations New Industries Suburbians Workers The Urban Population
Which parts of society suffered during the boom?	Old Industries Artisans Immigrants Child labourers FARMERS
What types of unemployment were suffered during this period?	Structural Under Seasonal
Wheat fell from .... per bushel to ..... per bushel	$2.5 per bushel to $1 per bushel
Which two factors meant that farm goods were no longer in high demand?	Prohibition (Which cut demand for grain) Higher living standards (people ate more meat than cereals)
Farm output grew by....% during the 1920s	9%
....% of farms operated at a loss	66%
The Agricultural Credits Act of 1923	Funded banks to offer loans to co-operative farms, which meant that small farmers - the ones suffering the most - were not being helped by the government
What bill was introduced and when, which would set up the Agricultural Export Corporation which would buy commodities on the American market and sell them abroad (vetoed twice by Coolidge)?	The McNary-Haugen Bill, 1924
In what year did the Florida Land Boom collapse?	1926
In which years did America become 'Wall-Street crazy'?	1927-1929
How many banks were there in the 1920s?	30,000
What were the 3 indicators that the boom was slowing down by the end of the 1920s?	Problems in small business (for every 4 businesses that succeeded, 3 failed) The construction industry (demand began to tail off in 1926) Falling domestic demand
During the 1920s, union membership declined by...?	1 million

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