economic boom

• What event allowed the USA to prosper economically before entering World War I?

  The USA stayed out of World War I for the first few years, allowing it to prosper.
• How did the USA's involvement in World War I affect its economy?

  The USA lent money to Britain and its allies, creating jobs and boosting businesses.
• By the end of World War I, what percentage of the world's basic goods did the USA produce?

  The USA produced the highest percentage of the world's basic goods.
• What percentage of American homes had electricity in 1916 compared to 1927?

  In 1916, only 15% of homes had electricity, while nearly 70% had it by 1927.
• What consumer products saw increased demand in the 1920s?

  Products like vacuum cleaners, radios, and refrigerators saw increased demand.
• What was the economic policy of the Republican Presidents during the 1920s?

  • The government should leave business alone.
  • Adopted a laissez-faire policy.
  • Encouraged big businesses to expand without government interference.
• What was the Fordney-McCumber Act of 1922 designed to do?

  It imposed tariffs on foreign goods to protect American industries.
• How did mass production impact the economy in the 1920s?

  Mass production made goods cheaper and increased consumer spending.
• What was Henry Ford known for in the automotive industry?

  He developed the assembly line and conveyor belt for faster production.
• What was the cost of the Model T Ford in the mid-1920s?

  A new Model T Ford cost less than $300.
• How many miles of roads were constructed in the USA during the 1920s?

  About $1 billion a year was spent on constructing a network of highways.
• What was the price of cars in 1911 compared to 1928?

  The price fell from $900 in 1911 to about $295 in 1928.
• Who were the losers of the economic boom in the 1920s?

  • Farmers
  • Native Americans
  • Traditional industries
  • African-Americans
  • Immigrants
• What percentage of wealth did the wealthiest 3% of Americans hold in the 1920s?

  The wealthiest 3% held 30% of all wealth in the USA.
• How many individuals had incomes of over $1 million in the USA by 1929?

  By 1929, there were 307 individuals with incomes over $1 million.
• What was the average income of Americans by 1927?

  By 1927, about 13,000 Americans had an income of $1,000 a year.
• What is an economic boom?

  If a country enters a period where the vast majority of businesses are doing well, sales are high and wages have been increased and unemployment is low
• What were the main causes of the economic boom in the 1920s?

  . WW1, the consumer society, Republican government policies, growing industries/mass production and new ways to buy and sell