Kuzian/Bailey: Unit 2 Quiz

Nativism

The belief that people born in America should be favored over immigrants from other countries.

Henry Ford

Famous car manufacturer who paid factory workers $5 per day in 1914, which was a high wage at the time. He required workers to meet certain behavior standards, learn English, and adopt American customs.

Isolationism

The policy of avoiding political and economic relationships with other countries.

Communism

An economic and political system where the government controls all property and businesses, and only one political party is allowed to rule.

Red Scare

A time period when Americans were extremely afraid of Communists after the Communist revolution happened in Russia.

Palmer Raids

Government raids in 1919 led by U.S. Attorney General A. Mitchell Palmer to arrest people suspected of being radicals or revolutionaries.

Nicola Sacco and Bartolomeo Vanzetti

Two Italian immigrants who were accused of being anarchists. They were found guilty of robbery and murder and executed in 1927. Many people believed they were treated unfairly because they were immigrants and had radical political beliefs.

Anarchist

Someone who believes that all forms of government should be eliminated.

Boston Police Strike (1919)

police officers went on strike and refused to work-Governor Calvin Coolidge brought in other forces to restore order and strongly opposed the strike.

Steel Strike (1919)

A major strike where 365,000 steelworkers stopped working to protest against the U.S. Steel Corporation. The strike was unsuccessful.

Coal Miners' Strike (1919)

Workers ignored a court order telling them to keep working and went on strike anyway. They were able to win some wage increases.

Seattle General Strike (1919)

A strike that shut down the entire city of Seattle. This strike made many Americans turn against labor unions.

1920s Economy

A time when the economy was generally growing, but some industries were starting to have serious financial problems.

Troubled Industries

Railroads, mining, and lumber companies were beginning to show signs that they were struggling economically.

Farmers

Had serious problems because crop prices were falling and they were producing too much food, which lowered prices even more.

Price Support

A government policy designed to keep the prices of important products like wheat, corn, cotton, and tobacco from falling too low.

Consumer Spending

The amount of money people spent on goods started to decrease in the late 1920s.

Credit

A system that allowed people to buy things immediately but pay for them later- usually with additional interest charges.

Herbert Hoover

The Republican candidate who won the 1928 presidential election.

Alfred E. Smith

The Democratic candidate who ran against Herbert Hoover in the 1928 presidential election and lost.

Election of 1928

Herbert Hoover won a decisive victory over Alfred E. Smith- winning 444 electoral votes compared to Smith's 87.

Bull Market

A time when stock prices are rising and investors are confident about making money.

Bear Market

A time when stock prices are falling and investors are worried about losing money.

Dow Jones Industrial Average

A measurement that tracks the stock prices of 30 major companies to show how well the overall stock market is doing.

Speculation

Making very risky investments in hopes of earning quick profits or large amounts of money.

Buying on Margin

A dangerous practice where people bought stocks by paying only a small amount upfront and borrowing the rest of the money.

Stock Market Crash

The dramatic collapse of stock prices that happened in October 1929 when millions of people tried to sell their stocks at the same time.

Black Thursday (October 24

1929), The day when panic selling began on Wall Street-causing stock prices to drop sharply.

Black Tuesday (October 29

1929), The day when the stock market completely crashed and investors lost billions of dollars in a single day.

$30 Billion

The stock market crash caused people who owned stocks to lose about_________, destroying their savings and investments.

Warren G. Harding

U.S. President who served from 1921 to 1923. His campaign promised a "Return to Normalcy" after World War I.

Republican Party

The political party that believed in limited government involvement and policies that helped businesses during the 1920s.

Harding's Economic Goals

To reduce the national debt by cutting government spending and help the economy grow by raising tariffs on foreign goods.

Fordney-McCumber Tariff (1922)

A law that raised taxes on imported goods to the highest levels ever seen, designed to protect American businesses from foreign competition.

Ohio Gang

A group of President Harding's friends and political supporters who were given government jobs but became known for their corrupt behavior.

Teapot Dome Scandal

A major corruption scandal where Secretary of the Interior Albert B. Fall illegally leased government oil lands to private companies in exchange for money and expensive gifts.

Teapot Dome Wyoming

Location of one of the oil-rich government lands that was illegally leased during the Teapot Dome Scandal.

Elk Hills California

A West coast location-oil-rich government site that was involved in the Teapot Dome Scandal.

Calvin Coolidge

Harding's Vice President who became President after Harding's death and served from 1923 to 1929.

Calvin Coolidge

Who won the Election of 1924?

"The Business of America is Business"

A famous quote by Calvin Coolidge that showed his strong belief in supporting business growth and success.

Mergers

The process of combining two or more companies into a single, larger company.

American Plan

A business policy popular in the 1920s that promoted workplaces where employees did not have to join labor unions.

Open Shop

A workplace where employees have the choice of whether or not to join a union.

Republican Policies

helped businesses grow and created general economic prosperity but they often hurt workers and farmers.

Andrew Mellon

A wealthy banker who served as Secretary of the Treasury under both Harding and Coolidge. He believed in cutting taxes and reducing the national debt.

Trickle-Down Economics

The economic theory that giving benefits to wealthy people and businesses would eventually help all citizens by creating jobs and opportunities.