On what factors was the economic boom based? Revising the American economic boom. 4.0 / 5 based on 2 ratings ? HistoryGCSEOCR Created by: LucyyCreated on: 12-11-12 19:02 When did the USA become the worlds's leading industrial nation? Start of the 20th century. 1 of 14 What did the country possess which helped build up its wealth? It was rich in raw materials e.g. Coal and iron. It had many hardworking and ambitious immigrants. 2 of 14 How much did USA industry production increase in the 1920's? 50% 3 of 14 How was this boom fuelled? Demand for modern inventions such as fridges, vacuum cleaners and radios. 4 of 14 What was the most significant new industry? Car industry 5 of 14 How much did the real value of wages rise during the 1920's? 25% and prices of goods were steady or falling. 6 of 14 What was the main reason for this? Henry Ford had adopted an assembly line which enabled manufacturers to increase production and make goods cheaply. 7 of 14 What did the American Government feel? They should play as little part as possible in economic life. 8 of 14 How did low taxes aid the boom? People and companies had more money to invest. These investments fuelled the expansion of industries. 9 of 14 What did the government do to foreign goods? They imposed tariffs such as the Fordney-McCumber tariff of 1922. This meant people bought cheaper American goods but exports fell. 10 of 14 What did hire purchase allow? Customers could buy goods they wanted with a small deposit. They could then pay off the rest in instalments. 11 of 14 What did the introduction of mail order catalogues do? Everyone on every part of the country could benefit from the boom as they had access to the latest fashions by post. 12 of 14 How did the Republicans and employers weaken trade unions? The government was hostile towards trade unions. Employers could use violence to break strikes and refuse to employ union members. 13 of 14 How did the absence of unions from the car industry until the 1930's benefit business? Employers could keep down wages and keep long working days at a time when profits and demand were rising fast. 14 of 14
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