KQ1

• What economic conditions did Republican policies create?

  The economy boomed
• What were the key Republican policies that contributed to the economic boom?

  • Laissez Faire economic principles
  • Increased/high tariffs
  • Low taxation
• How did laissez faire principles help the economy?

  They allowed little regulation of businesses
• What effect did high tariffs have on the economy?

  They encouraged Americans to buy domestic goods
• How did low taxation benefit the economy?

  It left more money for businesses and consumers
• What are the main causes of the economic boom?

  • Mass Marketing
  • Government Policy
  • Mass Production
  • Resources/Industrial Strength
  • Credit
  • State of Mind
  • Technological Change
  • WWI
• What was the population of the USA by 1923?

  123 million
• Why did urban dwellers become an important market?

  They earned higher wages than farmers
• What industries did the USA lead in by 1914?

  Steel, coal, and textiles
• How did American agriculture compare to the rest of the world?

  It became the most efficient in the world
• What was the impact of WWI on American industry?

  It stimulated growth and profits
• How much did JP Morgan loan to France during WWI?

  $500 million
• What percentage of shells for the Allies did Bethlehem Steel produce?

  40%
• What was the GNP in 1916?

  $46 billion
• What was the GNP in 1919?

  $77 billion
• How did wages change from 1916 to 1919?

  They rose from $751 to $813
• What was the unemployment rate in 1919?

  1.4%
• What technological advancements occurred after 1917?

  New products and means of production emerged
• What was the impact of electrification by 1929?

  Nearly all of America was electrified
• How did mass production affect the cost of goods?

  It led to a fall in prices
• How long did it take to make a Model T Ford using the assembly line?

  93 minutes
• How many cars were sold in 1919?

  9 million
• How many radios were sold by 1929?

  Over 10 million
• What was the average wage for workers at Ford?

  $5 per day
• What were the key components of mass marketing in the 1920s?

  • Sophisticated sales techniques
  • Nationwide advertising campaigns
  • Growth of mail order companies
• How did hire purchase schemes impact consumer behavior?

  They allowed consumers to buy goods on credit
• What was the average income increase from $6400 to?

  $8000
• What cultural shift occurred regarding spending in the 1920s?

  Thrift was replaced with a spending culture
• What was the attitude of Americans towards prosperity in the 1920s?

  They believed they had a right to prosperity
• How did the stock market influence the economy?

  It encouraged investment and raised share prices
• What were the policies of the Republican presidents in the 1920s?

  • Laissez-faire economic policy
  • Low taxation
  • Protectionist tariffs
• Who were the three Republican presidents during the 1920s?

  Harding, Coolidge, Hoover
• What was Hoover's belief regarding individualism?

  People should solve their own problems
• What was the effect of tariffs on foreign goods?

  They made foreign goods more expensive
• How did the assembly line impact car production?

  It significantly reduced production time
• How many Model T Fords were produced per year?

  1 million
• What was the total number of cars by 1927?

  27 million
• What was the cost of a new car in the 1920s?

  About $260
• How did the mass production of cars affect prices?

  It made cars cheaper and more affordable
• How did Martha learn about the new vacuum cleaner?

  Through advertising