USA Depth Study -- The Economic Boom

How many men returned from WW1?

2 million

What happened to the US economy right after WW2?

It suffered a temporary turndown

Who was the elected president in 1912?

Woodrow Wilson

Who was elected president in 1920?

Warren Harding

When did Warren Harding die?

1922

Who was elected president in 1922?

Calvin Coolidge

Who was elected president in 1928?

Herbert Hoover

From what 5 natural resources did the USA benefit in 1920?

Fertile farmland, oil, coal, iron, and gas

What country was the leading oil producer in 1920?

USA

What were 3 traditionally strong industries in the USA in 1920?

Textiles, coal, and steel

What percentage of households had electricity in 1930?

100%

What was the price of corn in 1919 vs 1920?

$1.30 in 1919, $0.47

What were Trusts?

Huge corporations that dominated industries

What are two examples of trusts?

Rockefeller (oil), Carnegie (steel)

What were three new chemical produced?

chlorine, mustard, CG

When was the Fordney-Mccumber Act?

1922

What tariffs did the Fordney-Mccumber Act place?

Maximum 400%, 40% on average

Why was the Fordney Mccumber Act important?

Had the highest tariffs in history

By how much did the GDP increase during the 1920s?

By 40%

By how much did the average income increase?

27%

How many pairs of silk stockings were produced in 1929, and how many of Rayon in 1930?

12,000 pairs in 1929, 300 million in 1930 (rayon)

What was RAYON?

Artificial silk made out of regenerative cellulose

What famous buildings were built during the 1920s?

The Chrysler Building, the Empire State Building, and the 40 Wall Street building

When was the moving production line created and by whom?

In 1913 by Ford

How many people worked per conveyor belt?

Over 100

How many people worked per car before the MPL was created?

4

How long did it take to create a car before the MPL was created?

12 hours

How long did it take to create a car after the MPL was created?

1.5 hours

How many Model Ts were created between 1908 and 1925?

15 million

How many cars were produced in 1900?

4000

How many Model Ts were produced just in 1929?

5 million

From how many to how many working hours did the Motor Car reduce?

from 9 to 8 per day

How much did Ford pay his employees?

$5 per day

How much did one Model T cost during the 1920s?

$300

At what rate did one Model T come out of the production line in 1927?

10 seconds

What fraction of Americans had a car by 1930

1/5

What fraction of Russians had a car by 1930

1/7000

What percentage of glass produced nationally was used for Model Ts?

75%

What industries did the Model T grow?

Glass, Rubber, Leather, Oil, and Petrol

How much money was spent on advertising by 1929?

$3 billion

What chain store grew during the 1920s?

A&P

What were two mail order companies?

Sears and Roebuck

How many retail stores did Sears have nationally in 1925 vs in 1929?

300 in 1925, 1,200 in 1929

What percentage of cars were bought on credit?

60%

What percentage of radios were bought on credit?

80%

What was the total consumer debt by 1929?

$7 billion

How many farmers were there in 1920?

60 million

How many Americans were affected because of the farming problems of the 1920?

Over 60 million

How many African Americans became unemployed because of the problems in farming?

750,000

How many Americans were forced of their lands because of the problems in farming?

6 million

How many more bankruptcies were there because of the problems in farming?

5 times more

How many Americans lived below the poverty line during the 1920s?

40%

What was the unemployment rate in the 1920s?

5%

What were the four problems with farming?

Declining Exports, New Industry/Machines, Falling Prices, and Over Production

What are 2 examples of improved machinery?

Combine harvester and improved fertilizers

How many combine harvesters were produced in 1925?

10,000

By how much did farming prices fall in 1920?

By 50%

What did US farming income drop from in 1919 to 1928?

$22 billion in 1919 to $13 billion in 1929

On average, how many bushels of wheat were produced per year during the 1920s?

750 million

What percentage of semiskilled workers owned a car in Chicago in the 1920s?

3%

When was the miner’s strike?

1928

How many miners went on strike during the miner’s strike?

450,000

Population of the USA in 1920 vs 1929?

106 million (1920), 120 million (1929)