APUSH Unit 2 Quiz 3

1492

Columbian Exchange begins; Triangular trade; mercantilism

1607

First permanent English settlement at Jamestown

1619

House of Burgesses founded; first enslaved Africans sold in the colonies

1676

Bacon’s Rebellion; slavery over indentured servitude

1791

Whiskey Rebellion; First Bank of the United States

1794

 Cotton Gin

1816

Henry Clay proposed the American System

1862

Passage of the Homestead Act, Morrill Land-Grant Acts, Pacific Railway Act

1865

 Reconstruction Begins; sharecropping, peonage, convict labor

1869

 Completion of the Transcontinental Railroad

1877

Reconstruction Ends; economy of the “New South”

1893

Panic of 1893

1920

Census reveals more urban than rural residents; roaring 20s

1929

Stock market crashes ->Great Depression

1932

New Deal begins

Laissez-Faire

Government policy of minimal interference in business; the economy is left to operate on its own

Texas Grain Bill, 1887

A proposed Texas law regulating railroad grain rates; vetoed by President Cleveland, strengthening his stance on limited government involvement.

Social Darwinism

Belief that the “fittest” businesses and individuals naturally succeed; used to justify wealth inequality and laissez-faire economics.

Farmers’ Alliances

Regional groups of farmers in the 1870s–80s that organized cooperatives and pushed for political reforms to fight railroad and bank abuses.

Populism

Political movement of farmers and workers in the late 1800s demanding economic reforms to curb corporate power and aid common people.

People’s (Populist) Party

Political party formed in 1892 by Populists; pushed for bimetallism, government ownership of railroads, and direct election of senators.

Panic of 1893

Major economic depression caused by railroad failures and over-speculation; led to bank collapses and unemployment.

Gold Standard

Monetary system where U.S. currency is backed solely by gold; favored by bankers and business leaders.

Bimetallism

System using both gold and silver to back currency; supported by farmers who wanted more money in circulation (inflation).

Omaha Platform

The Populist Party’s 1892 platform calling for bimetallism, income tax, government-owned railroads, and direct election of senators.

William Jennings Bryan

Populist-leaning Democrat known for the “Cross of Gold” speech; supported bimetallism and ran for president in 1896.

Interstate Commerce Act, 1887

First federal law to regulate railroads; aimed to stop unfair rates and practices.

Sherman Antitrust Act, 1890

Outlawed monopolies and business practices that restrained trade; early federal attempt to limit corporate power.

Teddy Roosevelt

Progressive president known for trust-busting, conservation, and expanding federal regulation.

Square Deal

Roosevelt’s domestic policy promising fairness to workers, consumers, and businesses; targeted monopolies and improved labor conditions.

Clayton Antitrust Act, 1914

Strengthened antitrust laws and protected labor unions from being prosecuted as monopolies.

16th Amendment

Established a federal income tax (graduated tax based on income).

Urbanization

Rapid growth of cities due to industrial jobs and immigration.

War Industries Board

WWI agency that coordinated industrial production and set priorities for military supplies.

Great Migration

Mass movement of African Americans from the rural South to Northern cities (1910–1930) seeking jobs and escape from racial violence.

Red Summer, 1919

A period of widespread racial violence and riots across the U.S. after WWI.

Chicago Race Riots, 1919

Major riot sparked by racial tensions and housing competition; left dozens dead and highlighted Northern racism.

Roaring 20s

Decade of economic growth, mass culture, new technologies, and social change.

Teapot Dome Scandal

Corruption scandal in Harding’s administration involving illegal leasing of federal oil reserves.

Consumerism

Culture of mass buying and consumption fueled by advertising and new products.

Department store

Large retail store offering many goods under one roof; symbolized modern consumer culture.

Buying on credit

Purchasing goods by paying over time; increased consumer spending but created debt.

Assembly Line

Production method where workers perform one task repeatedly; made goods cheaper and faster to produce.

Henry Ford

Industrialist who perfected the assembly line; made automobiles affordable to average Americans.

Federal Reserve Act of 1913

Created the Federal Reserve to regulate the money supply and stabilize banking.

Stock Market

Market where shares of companies are bought and sold; crashed in 1929.

Black Tuesday

October 29, 1929: massive stock market crash that signaled the start of the Great Depression.

Consumer Demand

People’s willingness and ability to buy goods; collapsed during the Depression.

Unemployment

Joblessness; soared to 25% during the Great Depression.

Bank Run / Bank Failures

People withdrew their money all at once, causing banks to collapse.

Dust Bowl

Severe drought and soil erosion on the Great Plains in the 1930s, devastating farms.

Buying on Margin

Buying stocks with borrowed money; contributed to the stock market crash.

Herbert Hoover

President at the start of the Great Depression; believed in limited government aid.

Franklin Delano Roosevelt (FDR)

President who implemented the New Deal to fight the Great Depression.

New Deal

FDR’s programs to provide relief, recovery, and reform during the Great Depression.

Fireside Chat

FDR’s radio broadcasts that explained policies and reassured the public.

Three R’s

Relief (aid), Recovery (economic improvement), Reform (prevent future crises).

Emergency Banking Act of 1933

Stabilized the banking system by reopening sound banks under federal supervision.

Glass-Steagall Act (Banking Act of 1933)

Separated commercial and investment banking; created the FDIC.

Federal Deposit Insurance Corporation (FDIC)

insured bank deposits to prevent bank runs.

Security and Exchange Commission (SEC)

regulated the stock market and prevented fraud.

NIRA (National Industrial Recovery Act)

New Deal law that set industry codes, minimum wages, and workers’ rights; later ruled unconstitutional.

National Labor Relations Act (Wagner Act)

Protected workers’ rights to unionize and collectively bargain.

Social Security Act

Created pensions for the elderly, unemployment insurance, and aid for vulnerable groups.

AAA (Agricultural Adjustment Act)

Paid farmers to reduce crop production to raise prices.