Questions and Answers
The US economy grew by 40% in the 1920s
True
There were only 7000 millionaires in the US by 1929
False
The assembly line was an innovation ‘invented’ by Henry Ford
False
The USA imported most of its coal, oil, gas and agricultural produce, including livestock.
Signup and view all the answers
Without such a large population a consumer boom would hardly have been possible.
Signup and view all the answers
One problem the US had to overcome was its huge post WWI debt.
Signup and view all the answers
The US Foreign Policy of isolationism was very costly and hindered economic growth.
Signup and view all the answers
Wheat exports increased from 90 million to 300 million dollars.
Signup and view all the answers
Ironically- the expansion of production of agricultural produce came to be a problem post war.
Signup and view all the answers
Farming income fell in the course of the 1920s from 22 billion to 13 billion dollars.
Signup and view all the answers
There were three REPUBLICAN Presidents in the 1920s – Warren Harding, 1920-23, Calvin Coolidge, 1923 -28 and Herbert Hoover, 1928 - 32.
Signup and view all the answers
Republicans had a policy of laissez-faire meaning government should impose significant regulations on businesses and financial institutions such as the stock market and banks.
Signup and view all the answers
Republicans believed in import tariffs, making its expensive to import foreign goods.
Signup and view all the answers
Trade Unions had significant power in the 1920s, making it hard for businesses to grow quickly.
Signup and view all the answers
A policy of high taxation ensured there was reinvestment and a consumer society.
Signup and view all the answers
Average wages increased - some by as much as 27%.
Signup and view all the answers
The electrification of the assembly line was almost a significant as a second industrial revolution.
Signup and view all the answers
An important technological development was the creation of Rayon.
Signup and view all the answers
In 1900 only 12,000 pairs of silk stockings were sold in the 1920s, RAYON, a substitute for silk meant by 1930 300 million pairs of stockings were sold!
Signup and view all the answers
The first cars were Costly and slow to build - built by blacksmiths and skilled craftsmen.
Signup and view all the answers
4 million men were employed in the automobile industry
Signup and view all the answers
The model T Ford epitomised the boom of the 1920s.
Signup and view all the answers
The car industry created its own ‘cycle of poverty’
Signup and view all the answers
Another significant technological breakthrough was the creation of BAKELITE, a synthetic plastic.
Signup and view all the answers
Because of electricity there was a ‘revolution’ in the entertainment industries.
Signup and view all the answers
