WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900
GILDED AGE POLITICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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greenbacks.
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inflation.
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deflation.
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revaluation.
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Detailed explanation-1: -In the past 60 years, the United States has only experienced deflation two times; in 2009 with the Great Recession and in 2015, when the CPI barely broke below 0% at −0.1%.
Detailed explanation-2: -Classical economic theory was developed shortly after the birth of western capitalism. It refers to the dominant school of thought for economics in the 18th and 19th centuries. Classical economic theory helped countries to migrate from monarchic rule to capitalistic democracies with self-regulation.
Detailed explanation-3: -Agriculture. The U.S. economy was primarily agricultural in the early 19th century. Westward expansion plus the building of canals and the introduction of steamboats opened up new areas for agriculture.
Detailed explanation-4: -Market Collapse. Hoover was elected President of the United States in 1928, but the Nation’s bright economic outlook ended with the collapse of the stock market in 1929.