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Topic 1: The 1920’s Economic Boom Flashcards | StudBud
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Topic 1: The 1920’s Economic Boom
Topic 1: The 1920’s Economic Boom
25 terms
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StudBud Administration
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Looking at the causes and effects of the economic boom in the “Roaring” 1920’s
Flashcards
25 cards
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Practice quiz
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Questions
25
Answers
1
What year was Calvin Coolidge elected President?
1929
1923
1921
1919
2
What is a stock market?
Where crops are bought and sold
Where shares are bought and sold
Where goods are bought and sold
Where farms are bought and sold
3
What year was Herbert Hoover elected President?
1929
1921
1919
1923
4
What is a tariff?
A tax put on the goods you sell to foreign countries
A tax put on foreign goods coming into your country
5
What year was the Wall Street Crash?
1927
1933
1931
1929
6
What best defines a share?
A portion of a bank you can own
A portion of a company you can own
7
What year did the USA enter World War One?
1914
1917
1916
1915
8
What is this a picture of?
Hire purchase
Stock market
Sharecroppers
An assembly line
9
The Fordney McCumber Act passed in 1922 did what?
Increased taxes on wealthy Americans
Increased tariffs on foreign goods
10
What was speculation?
Going bankrupt when you are unable to repay your loans
Gambling/guessing whether the price of shares would go up
11
For each job created in the US car industry how many were created in supporting industries?
100
10
1
5
12
In 1920 only 4 million Americans owned shares. By 1929 growing speculation led to this going to
5 million
100 million
10 million
20 million
13
What year was Warren Harding elected President?
1923
1919
1921
1929
14
What were laissez faire policies?
Policy where the government didn’t interfere in the economy
Policy where the government played a big role in the economy
15
In 1911 a car cost $800 to make. How much had it gone down to thanks to mass production by 1929
$100
$500
$300
€700
16
What is the effect of overproduction on the price of goods?
Overproduction leads to the price of goods decreasing
Overproduction leads to the price of goods increasing
17
What was isolationism?
The policy of keeping out of the affairs of other countries
The policy of leaving Americans to rely on themselves
18
How many farmers lost their land to bankruptcy in 1924?
600,000
6,000
6,000,000
60,000
19
What was buying on margin?
Borrowing money in order to buy shares
Buying goods and paying them back in instalments
20
Which best defines a sharecropper?
Poor black farmers paid with portion of crop instead of cash
Rich white farmers in the Northern states
Big plantation owners in the US south
Farmers who were indebted due to overproduction
21
By 1929 what percentage of the world’s consumers good were made in the USA?
30%
50%
70%
10%
22
How did hire purchase help boost the economy?
Paying in instalments allowed poorer Americans to buy goods
People with higher wages could afford to buy more goods
23
What is this a picture of?
Sharecropping
A Reservation
Isolationism
The Stock Market
24
What year did World War One end?
1918
1919
1916
1917
25
In 1916 only 15% of US households had access to electricity. What had this increased to by 1927
70%
40%
60%
50%
