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Contents Chapter Introduction Section 1 Presidential Politics Section 2 A Growing Economy  Section 3 The Policies of Prosperity Chapter Summary  Chapter Assessment Click on a hyperlink to view the corresponding slides.
Intro 1 Click the Speaker button  to listen to the audio again.
Intro 2 Click the mouse button or press the  Space Bar to display the information. Chapter Objectives ,[object Object],[object Object],Section 1: Presidential Politics
Intro 3 Click the mouse button or press the  Space Bar to display the information. Chapter Objectives Section 2: A Growing Economy ,[object Object],[object Object]
Intro 4 Click the mouse button or press the  Space Bar to display the information. Chapter Objectives Section 3: The Policies of Prosperity ,[object Object],[object Object]
Intro 5 Why It Matters Prosperity was the theme of the 1920s, and national policy favored business. Although farmers were going through an economic depression, most people remained optimistic about the economy. The middle class bought on credit the many new convenience products available. One of the most popular purchases of the day was the automobile, which had a major impact on how Americans lived.
Intro 6 The Impact Today Important elements of American life were first seen at this time.  ,[object Object],[object Object],Click the mouse button or press the  Space Bar to display the information.
Intro 7 continued  on next slide
Intro 8
End of Intro
Section 1-1 Guide to Reading Warren Harding’s administration suffered from several scandals. His successor, Calvin Coolidge, promised to support business.  ,[object Object],Main Idea Click the mouse button or press the  Space Bar to display the information. Key Terms and Names ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Section 1-2 Guide to Reading  (cont.) Reading Strategy Click the mouse button or press the  Space Bar to display the information. Taking Notes   As you read about Presidents Harding and Coolidge, use the major headings of the section to create an outline similar to the one on page 510 of your textbook.  ,[object Object],Reading Objectives ,[object Object]
Section 1-3 Guide to Reading  (cont.) Section Theme Government and Democracy   The “Ohio Gang” of the Harding administration created scandals and political upheaval.
Section 1-4 Click the Speaker button  to listen to the audio again.
Section 1-5 The Harding Administration Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 510–512)
Section 1-6 Click the mouse button or press the  Space Bar to display the information. Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],The Harding Administration   (cont.) (pages 510–512)
Section 1-7 Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],The Harding Administration   (cont.) (pages 510–512)
Section 1-8 Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],The Harding Administration   (cont.) (pages 510–512)
Section 1-9 What problems faced President Harding during his administration? Click the mouse button or press the  Space Bar to display the answer. The Harding Administration   (cont.) (pages 510–512)
Section 1-10 Harding’s administration was plagued with scandals by cabinet members and other government officials appointed by Harding. Some members of the Ohio Gang used their government positions to sell jobs, pardons, and immunity from prosecution. Colonel Charles R. Forbes, head of the Veteran’s Bureau, sold scarce medical supplies from veteran’s hospitals and kept the money, which cost the taxpayers $250 million. Secretary of the interior, Albert B. Fall, secretly allowed private interests to lease lands containing U.S. Navy oil reserves at Teapot Dome, Wyoming. Attorney General Harry Daugherty refused to turn over files and bank records for a German-owned American company. Bribe money ended up in a bank account controlled by Daugherty. The Harding Administration   (cont.) (pages 510–512)
Section 1-11 Click the mouse button or press the  Space Bar to display the information. The Coolidge Administration ,[object Object],[object Object],[object Object],[object Object],(pages 512–513)
Section 1-12 Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],The Coolidge Administration   (cont.) (pages 512–513)
Section 1-13 Click the mouse button or press the  Space Bar to display the answer. How did Coolidge feel about business  and government? Coolidge felt that business led to  prosperity and that the government  should not interfere. The Coolidge Administration   (cont.) (pages 512–513)
Section 1-14 Checking for Understanding __ 1. the state or fact of being normal __ 2. freedom from persecution A. normalcy B. immunity Define   Match the terms on the right with their definitions on the left. Click the mouse button or press the  Space Bar to display the answers. B A
Section 1-15 Checking for Understanding  (cont.) Evaluate  the effects of the Teapot Dome scandal on citizens’ views of the federal government. Citizens viewed government as corrupt.  Click the mouse button or press the  Space Bar to display the answer.
Section 1-16 Reviewing Themes Click the mouse button or press the  Space Bar to display the answer. Government and Democracy   How did the Ohio Gang tarnish the Harding Administration? The Ohio Gang used their positions for personal advantage.
Section 1-17 Critical Thinking Click the mouse button or press the  Space Bar to display the answer. Interpreting   How did the Democrats lose the chance for victory in the election of 1924? The Democrats could not agree on  a nominee.
Section 1-18 Analyzing Visuals Click the mouse button or press the  Space Bar to display the answer. Analyzing Photographs  Examine the photograph of Calvin Coolidge on page 513 of your textbook. How did Coolidge’s actions demonstrate effective leadership following the Harding administration? Coolidge avoided scandal and supported business prosperity.
Section 1-19 Close Explain how Calvin Coolidge restored public confidence after assuming the presidency.
End of Section 1
Section 2-1 Click the mouse button or press the  Space Bar to display the information. Guide to Reading The United States experienced stunning economic growth during the 1920s.  ,[object Object],Main Idea Key Terms and Names ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Section 2-2 Click the mouse button or press the  Space Bar to display the information. Guide to Reading  (cont.) Reading Strategy Organizing   As you read about the booming era  of the 1920s, complete a graphic organizer similar to the one on page 514 of your textbook to analyze the causes of economic growth  and prosperity in the 1920s.  ,[object Object],Reading Objectives ,[object Object]
Section 2-3 Guide to Reading  (cont.) Section Theme Science and Technology   New technology such as the automobile and radio helped reshape American lifestyles.
Section 2-4 Click the Speaker button  to listen to the audio again.
Section 2-5 Click the mouse button or press the  Space Bar to display the information. The Rise of New Industries Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 514–518)
Section 2-6 ,[object Object],[object Object],[object Object],The Rise of New Industries   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 514–518)
Section 2-7 ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Click the mouse button or press the  Space Bar to display the information. The Rise of New Industries   (cont.) (pages 514–518)
Section 2-8 ,[object Object],[object Object],[object Object],Click the mouse button or press the  Space Bar to display the information. The Rise of New Industries   (cont.) (pages 514–518)
Section 2-9 ,[object Object],[object Object],[object Object],[object Object],Click the mouse button or press the  Space Bar to display the information. The Rise of New Industries   (cont.) (pages 514–518)
Section 2-10 How did mass production and the assembly line affect economic growth in the U.S. during the 1920s? Click the mouse button or press the  Space Bar to display the answer. The Rise of New Industries   (cont.) (pages 514–518)
Section 2-11 Mass production increased the supply of goods and decreased costs. Greater productivity led to the emergence of new industries. The assembly line greatly increased manufacturing efficiency by dividing up operations into simple tasks that unskilled workers could perform. More disposable income made innovations affordable. From electric razors to frozen foods and household cleaning supplies to labor-saving appliances, Americans used their new income to make life easier. The low prices made possible by mass production and the assembly line created great success in the auto industry and spurred the growth of other industries such as petroleum, rubber, plate glass, nickel, and lead. The Rise of New Industries   (cont.) (pages 514–518)
Section 2-12 The Consumer Society Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 518–519)
Section 2-13 ,[object Object],[object Object],[object Object],[object Object],The Consumer Society   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 518–519)
Section 2-14 ,[object Object],The Consumer Society   (cont.) (pages 518–519)
Section 2-15 Why did Americans’ attitudes towards consumerism change during the 1920s? Click the mouse button or press the  Space Bar to display the answer. The Consumer Society   (cont.) (pages 518–519)
Section 2-16 Higher wages and shorter workdays led to an economic boom as Americans traded thrift for their new role as consumers. American attitudes about debt shifted, as they became confident that they could pay back what they owed at a later time. Advertising was used to convince Americans that they needed new products. Ads linked products with qualities that were popular to the modern era, such as convenience, leisure, success, fashion, and style. The ads promised consumers self-improvement, happiness, and self-fulfillment. The Consumer Society   (cont.) (pages 518–519)
Section 2-17 The Farm Crisis Returns Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 519–520)
Section 2-18 ,[object Object],[object Object],[object Object],[object Object],[object Object],The Farm Crisis Returns   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 519–520)
Section 2-19 Why were farmers left out of the economic prosperity of the 1920s? Click the mouse button or press the  Space Bar to display the answer. The Farm Crisis Returns   (cont.) (pages 519–520)
Section 2-20 During wartime, the U.S. government had encouraged farmers to produce more for food supplies needed in Europe. Farmers borrowed money at inflated prices to buy new land and new machinery to raise more crops. Farmers prospered during the war. After the war, Europeans had little money to buy American farm products. After Congress raised tariffs, farmers could no longer sell products overseas, and prices fell. The farmers had technological advances that enabled them to increase production, but because there was no increase in demand, they were forced to lower prices. The Farm Crisis Returns   (cont.) (pages 519–520)
Section 2-21 Checking for Understanding __ 1. a workplace where workers are not required to join a union __ 2. a production system with machines and workers arranged so that each person performs an assigned task again and again as the item passes before him or her __ 3. the production of large quantities of goods using machinery and often an assembly line __ 4. system in which companies enable employees to buy stock, participate in profit sharing, and receive benefits such as medical care, common in the 1920s A. mass production B. assembly line C. welfare capitalism D. open shop Define   Match the terms on the right with their definitions on the left. Click the mouse button or press the  Space Bar to display the answers. B A D C
Section 2-22 Checking for Understanding  (cont.) Click the mouse button or press the  Space Bar to display the answer. Summarize  the factors that led to the new consumer society in the United States during the 1920s. Mass production, easy credit, mass advertisement, and economic prosperity led to the new consumer society.
Section 2-23 Reviewing Themes Click the mouse button or press the  Space Bar to display the answer. Science and Technology   How did the automobile impact American society? The automobile eased rural isolation and allowed workers to live farther away from work.
Section 2-24 Critical Thinking Click the mouse button or press the  Space Bar to display the answer. Identifying Cause and Effect   How did the United States government help spur the growth of the airline industry?  Governmental airmail service and funds for airports helped spur the airline industry.
Section 2-25 Analyzing Visuals Click the mouse button or press the  Space Bar to display the answer. Analyzing Advertisements   Examine the advertisement on page 518 of your textbook. How did the growing consumer culture impact the nation’s economy? The growing consumer culture raised the standard of living and encouraged Americans to buy new goods.
Section 2-26 Close Explain the growing economic crisis  in farming.
End of Section 2
Section 3-1 Click the mouse button or press the  Space Bar to display the information. Guide to Reading Economic policies of the United States government encouraged the prosperity of the 1920s.  ,[object Object],Main Idea Key Terms and Names ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Section 3-2 Click the mouse button or press the  Space Bar to display the information. Guide to Reading  (cont.) Reading Strategy Organizing  As you read about government policies in the 1920s, complete a graphic organizer similar to the one on page 521 of  your textbook by filling in ways the government attempted to stimulate economic growth and prosperity. ,[object Object],Reading Objectives ,[object Object]
Section 3-3 Guide to Reading  (cont.) Section Theme Economic Factors   After World War I, the United States had to pay down a large amount of war debt while maintaining economic growth.
Section 3-4 Click the Speaker button  to listen to the audio again.
Section 3-5 Promoting Prosperity Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 521–522)
Section 3-6 ,[object Object],[object Object],[object Object],[object Object],Promoting Prosperity   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 521–522)
Section 3-7 How did the Harding administration encourage economic growth in the  United States? Click the mouse button or press the  Space Bar to display the answer. Promoting Prosperity   (cont.) (pages 521–522)
Section 3-8 Secretary of the Treasury Andrew Mellon refinanced the national debt to lower the interest on it and persuaded the Federal Reserve to lower interest rates as well. Mellon reduced government spending and cut the federal budget. Mellon applied the idea of supply-side economics to reduce taxes. This idea suggested that lower taxes would allow businesses and consumers to spend and invest their extra money, resulting in economic growth. In the end, the government would collect more taxes at a lower rate. Secretary of Commerce Herbert Hoover attempted to balance government regulation with cooperative individualism. Manufacturers and distributors were asked to form their own trade associations and share information with the federal government’s Bureau of Standards. Hoover felt this would reduce waste and costs and lead to economic stability. Promoting Prosperity   (cont.) (pages 521–522)
Section 3-9 Trade and Arms Control Click the mouse button or press the  Space Bar to display the information. ,[object Object],[object Object],[object Object],[object Object],(pages 522–524)
Section 3-10 ,[object Object],[object Object],[object Object],[object Object],Trade and Arms Control   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 522–524)
Section 3-11 ,[object Object],[object Object],[object Object],Trade and Arms Control   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 522–524)
Section 3-12 ,[object Object],[object Object],[object Object],[object Object],Trade and Arms Control   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 522–524)
Section 3-13 ,[object Object],[object Object],[object Object],[object Object],Trade and Arms Control   (cont.) Click the mouse button or press the  Space Bar to display the information. (pages 522–524)
Section 3-14 How did the Dawes Plan affect Europe’s economic problems? The plan did little to help. Britain, France, and Germany tried to pay what they owed while going deeper in debt to American banks and corporations. Click the mouse button or press the  Space Bar to display the answer. Trade and Arms Control   (cont.) (pages 522–524)
Section 3-15 Checking for Understanding __ 1. a national policy of avoiding involvement in world affairs  __ 2. President Hoover’s policy of encouraging manufacturers and distributors to form their own organizations and volunteer information to the federal government in an effort to stimulate the economy __ 3. economic theory that lower taxes will boost the economy as businesses and individuals invest their money, thereby creating higher tax revenue __ 4. a suspension of activity A. supply-side economics B. cooperative individualism C. isolationism D. moratorium Define   Match the terms on the right with their definitions on the left. Click the mouse button or press the  Space Bar to display the answers. B A C D
Section 3-16 Reviewing Themes Click the mouse button or press the  Space Bar to display the answer. Economic Factors   Why did Andrew Mellon work to reduce federal tax rates? He believed that lowering tax rates would spur the economy by encouraging businesses and consumers to invest and spend.
Section 3-17 Critical Thinking Click the mouse button or press the  Space Bar to display the answer. Evaluating   What efforts did the United States make to promote permanent peace and worldwide economic recovery? Were these efforts successful? Explain your answer. Answers will vary.
Section 3-18 Analyzing Visuals Click the mouse button or press the  Space Bar to display the answer. Analyzing Photographs   Study the photograph of President Harding’s cabinet of advisers on page 522 of your textbook . What differences do you see between politics and the media then  and now? Media coverage in both cases is often staged. However, today there is almost instant access by the media to politicians.
Section 3-19 Close Explain how the United States remained involved in world affairs without being a League of Nations member.
End of Section 3
Chapter Summary 1
End of Chapter Summary
Chapter Assessment 1 Click the mouse button or press the  Space Bar to display the answers. Reviewing Key Terms Define   Match the terms on the right with their definitions on the left. __ 1. a workplace where workers are not required to join a union __ 2. the production of large quantities of goods using machinery and often an assembly line __ 3. President Hoover’s policy of encouraging manufacturers and distributors to form their own organizations and volunteer information to the federal government in an effort to stimulate the economy __ 4. the state or fact of being normal __ 5. a suspension of activity A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium C H F A J
Chapter Assessment 2 Click the mouse button or press the  Space Bar to display the answers. Reviewing Key Terms  (cont.) Define   Match the terms on the right with their definitions on the left. __ 6. system in which companies enable employees to buy stock, participate in profit sharing, and receive benefits such as medical care, common in the 1920s __ 7. freedom from prosecution __ 8. economic theory that lower taxes will boost the economy as businesses and individuals invest their money, thereby creating higher tax revenue B G E A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium
Chapter Assessment 3 Click the mouse button or press the  Space Bar to display the answers. Reviewing Key Terms  (cont.) Define   Match the terms on the right with their definitions on the left. __ 9. a production system with machines and workers arranged so that each person performs an assigned task again and again as the item passes before him or her __ 10. a national policy of avoiding involvement in world affairs I D A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium
Chapter Assessment 4 Click the mouse button or press the  Space Bar to display the answer. Reviewing Key Facts What was the presidency of Warren G. Harding like? Inefficiency and scandal plagued his presidency.
Chapter Assessment 5 Click the mouse button or press the  Space Bar to display the answer. Reviewing Key Facts  (cont.) How did President Coolidge restore public confidence? Coolidge distanced himself from the Harding administration and named the most capable individuals to his cabinet.
Chapter Assessment 6 Click the mouse button or press the  Space Bar to display the answer. Reviewing Key Facts  (cont.) What were four new industries, besides the automobile industry, that grew in importance during the 1920s? Automobile-related industries such as garage and gas stations, the consumer goods, airlines, and radio industries grew in importance during the 1920s.
Chapter Assessment 7 Click the mouse button or press the  Space Bar to display the answer. Reviewing Key Facts  (cont.) How did Henry Ford increase worker loyalty and impact the labor movement? He increased workers’ wages and reduced the workday, weakening  the power of unions.
Chapter Assessment 8 Click the mouse button or press the  Space Bar to display the answer. Reviewing Key Facts  (cont.) What were Andrew Mellon’s strategies for maintaining postwar American prosperity? Mellon’s strategies were to reduce taxes, reduce the federal debt, and balance the budget.
Chapter Assessment 9 Click the mouse button or press the  Space Bar to display the answer. Critical Thinking Analyzing Themes: Culture and Traditions  How did automobiles change the standard of living during  the 1920s? Automobiles allowed people to travel much greater distances more quickly and allowed workers to live outside cities. Rural Americans’ sense of isolation also decreased. Successful mass production resulted in new and cheaper consumer goods.
Chapter Assessment 10 Click the mouse button or press the  Space Bar to display the answer. Critical Thinking  (cont.) Evaluating  How effective were President Coolidge’s attempts to distance himself from the Harding administration? Explain your answer. Coolidge was quite successful in distancing himself from Harding. He did this by choosing effective cabinet members and associating himself with prosperity and big business.
Chapter Assessment 11 Economics and History The graph below shows the cost of a new Model T automobile between 1908 and 1924. Study the graph  and answer the questions on the following slides.
Chapter Assessment 12 Interpreting Graphs   By how much did the cost of the Model T drop from 1908 to 1920? The cost dropped by about $400. Economics and History  (cont.) Click the mouse button or press the  Space Bar to display the answer.
Chapter Assessment 13 Economics and History  (cont.) Click the mouse button or press the  Space Bar to display the answer. Evaluating   How was Henry Ford able to lower the price of the Model T? Ford decreased production costs  and increased the productivity level  and sales volume.
Chapter Assessment 14 Click the mouse button or press the  Space Bar to display the answer. Directions:  Choose the best answer to the following question. One   of   the   effects   of   World   War   I   on   the   American   economy   was  A  a sharp rise in unemployment.  B  stronger government control over industry.  C  a sharp decrease in taxes. D  the abolition of labor unions, which were seen as  unpatriotic. Test-Taking Tip   This question is asking for a cause-and-effect relationship. Look for an answer that can be  directly related  to the needs of a wartime economy. During the war, it was necessary to produce supplies and munitions for the armed forces (which also needed more personnel), so answer A must be incorrect. In fact, there were more jobs and fewer workers to fill them, so unemployment is not a logical choice.
Chapter Assessment 15 Click the mouse button or press the  Space Bar to display the answer. What was the Teapot Dome scandal? During the Harding administration, government lands containing large reserves of oil in Teapot Dome, Wyoming, were leased to private interests.
End of Chapter Assessment
F/F/F 1-Fact Cartoon Symbols   Political cartoonists routinely use symbols to get their message across. Two of the most enduring have been the donkey, representing the Democrats, and the elephant, representing the Republicans (also known as the GOP, or the Grand Old Party). On November 7, 1874, cartoonist Thomas Nast became the first to use the symbols in a cartoon that appeared in  Harper’s Weekly. The news media popularized the elephant and donkey symbols in election coverage.
F/F/F 3-Fact The Tomb of the Unknown Soldier   On March 4, 1921, Congress approved the burial of an unidentified World War I soldier in Arlington National Cemetery on a hill that overlooks Washington, D.C. This burial site, which was dedicated on November 11, 1921, is called the Tomb of the Unknown Soldier. In 1958 two unknown soldiers from World War II and the Korean War were buried alongside the original unknown soldier. In 1984 a Vietnam War soldier was added. On the side of the original tomb are inscribed the words: “Here rests in honored glory an American soldier known but to God.” The Tomb is guarded year-round, day and night, regardless of weather. The identities of the three other soldiers buried in the Tomb of the Unknown Soldier are, in fact, unknown. In 1998, however, DNA analysis allowed the Vietnam War soldier buried there to be identified. He is U.S. Air Force First Lieutenant Michael Joseph Blassie.
FYI Contents 2 Airmail Charles Lindbergh Click on a hyperlink to view the corresponding slide.
FYI 2-1a As the automotive industry expanded, another technology was spreading its wings. Airmail  was common in the early 1920s, although  the beginnings of this service were not so auspicious. Started in 1918, the service connected New York City, Philadelphia, and Washington, D.C. One day President Wilson dropped in to observe and he saw the plane bound for Philadelphia repeatedly fail to take off. After someone remembered to fill it with fuel,  the pilot took off in the wrong direction and crash-landed in a field. The mail was sent by rail.
FYI 2-2b Born in 1902, Charles Lindbergh grew up in Minnesota. After two years at the University  of Wisconsin, he started flying as a stunt pilot. Lindbergh completed flight training to become  an Army Air Service Reserve pilot. Later he flew mail between Chicago and St. Louis. An offer  of $25,000 to become the first pilot to fly nonstop from New York to Paris inspired Lindbergh’s famous flight.
Moment in History 2 Click the Speaker button  to listen to the audio again.
CT Skill Builder 1 Distinguishing Fact  From Opinion Imagine that you are watching two candidates for president debate the merits of the college loan program. One candidate says, “In my view, the college loan program must be reformed. Sixty percent of students do not repay their loans on time.” The other candidate responds, “College costs are skyrocketing, but only 30 percent of students default on their loans for more than one year. I believe we should spend more money on this worthy program.” How can you tell who or what to believe? First, you must learn to distinguish a fact from an opinion. Then you will be better prepared to evaluate the statements that other people make. Click the Speaker button  to listen to the audio again.
CT Skill Builder 2 Learning the Skill A  fact  is a statement that can be proven. In the example above, the statement, “Sixty percent of students do not repay their loans on time” may be a fact. By reviewing statistics on the number of student loan recipients who repay their loans, we can determine whether the statement is true or false. To identify potential facts, look for words and phrases indicating specific people, places, events, dates, amounts, or times. Distinguishing Fact  From Opinion
CT Skill Builder 3 Learning the Skill  (cont.) An  opinion,  on the other hand, expresses a personal belief, viewpoint, or emotion. Because opinions are subjective, we cannot prove or disprove them. In the example above, most statements by the candidates are opinions. To identify opinions, look for qualifying words and phrases such as  I think, I believe, probably, seems to me, may, might, could, ought, should, in my judgment,  and  in my view.  Also, look for expressions of approval or disapproval such as  good, bad, poor,  and  satisfactory.  Be aware of superlatives such as  greatest, worst, finest,  and  best,  and notice words with negative meanings and implications such as  squander, contemptible,  and  disgrace.  Also, identify generalizations such as  none, every, always,  and  never. Distinguishing Fact  From Opinion
CT Skill Builder 4 Practicing the Skill For each pair of statements on the following slides, determine which is a fact and which is an opinion.  Give a reason for each of your choices.  Distinguishing Fact  From Opinion
CT Skill Builder 5 1. a. President Harding was born in Ohio in 1865. b. Harding later became the most scandalous  president in United States history. This is an opinion because it expresses a viewpoint and includes the word  most. Click the mouse button or press the  Space Bar to display the answer. Distinguishing Fact  From Opinion This is a fact because it can be proven. Practicing the Skill  (cont.)
CT Skill Builder 6 Click the mouse button or press the  Space Bar to display the answer. Distinguishing Fact  From Opinion 2. a. Harding’s administration suffered numerous public  scandals, including the Teapot Dome scandal. b. Calvin Coolidge was probably disgusted with  Harding’s poor performance in the White House. This is an opinion because it includes the word  probably. Practicing the Skill  (cont.) This is a fact because it can be proven.
CT Skill Builder 7 Click the mouse button or press the  Space Bar to display the answer. Distinguishing Fact  From Opinion 3. a. Harding stated that the United States needed a  return to normalcy, but he did not do anything to  help the country. b. Coolidge took over the White House after  Harding’s death and led the nation for the next  several years. This is an opinion because it expresses a viewpoint. Practicing the Skill  (cont.) This is a fact because it can be proven.
CT Skill Builder 8 Click the mouse button or press the  Space Bar to display the answer. 4. a. Henry Ford significantly lowered the price of the  automobile with his mass production methods. b. Ford’s Model T was the most significant invention  of the 20th century. Distinguishing Fact  From Opinion This is a fact because it can be proven. Practicing the Skill  (cont.) This is an opinion because it expresses a point  of view and includes the phrase  most significant.
M/C 2-1a
M/C 2-2b
M/C 3-1
Technology and History 2 Click the mouse button or press the  Space Bar to display the information.
Why It Matters Transparency
Daily Focus Skills Transparency 1 Click the mouse button or press the  Space Bar to display the answer.
Daily Focus Skills Transparency 2 Click the mouse button or press the  Space Bar to display the answer.
Daily Focus Skills Transparency 3 Click the mouse button or press the  Space Bar to display the answer. Yes, the national debt fell $8 million from 1921 to 1929.
GO 1
GO 2
GO 3
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Chapter 16

  • 2. Contents Chapter Introduction Section 1 Presidential Politics Section 2 A Growing Economy Section 3 The Policies of Prosperity Chapter Summary Chapter Assessment Click on a hyperlink to view the corresponding slides.
  • 3. Intro 1 Click the Speaker button to listen to the audio again.
  • 4.
  • 5.
  • 6.
  • 7. Intro 5 Why It Matters Prosperity was the theme of the 1920s, and national policy favored business. Although farmers were going through an economic depression, most people remained optimistic about the economy. The middle class bought on credit the many new convenience products available. One of the most popular purchases of the day was the automobile, which had a major impact on how Americans lived.
  • 8.
  • 9. Intro 7 continued on next slide
  • 12.
  • 13.
  • 14. Section 1-3 Guide to Reading (cont.) Section Theme Government and Democracy The “Ohio Gang” of the Harding administration created scandals and political upheaval.
  • 15. Section 1-4 Click the Speaker button to listen to the audio again.
  • 16.
  • 17.
  • 18.
  • 19.
  • 20. Section 1-9 What problems faced President Harding during his administration? Click the mouse button or press the Space Bar to display the answer. The Harding Administration (cont.) (pages 510–512)
  • 21. Section 1-10 Harding’s administration was plagued with scandals by cabinet members and other government officials appointed by Harding. Some members of the Ohio Gang used their government positions to sell jobs, pardons, and immunity from prosecution. Colonel Charles R. Forbes, head of the Veteran’s Bureau, sold scarce medical supplies from veteran’s hospitals and kept the money, which cost the taxpayers $250 million. Secretary of the interior, Albert B. Fall, secretly allowed private interests to lease lands containing U.S. Navy oil reserves at Teapot Dome, Wyoming. Attorney General Harry Daugherty refused to turn over files and bank records for a German-owned American company. Bribe money ended up in a bank account controlled by Daugherty. The Harding Administration (cont.) (pages 510–512)
  • 22.
  • 23.
  • 24. Section 1-13 Click the mouse button or press the Space Bar to display the answer. How did Coolidge feel about business and government? Coolidge felt that business led to prosperity and that the government should not interfere. The Coolidge Administration (cont.) (pages 512–513)
  • 25. Section 1-14 Checking for Understanding __ 1. the state or fact of being normal __ 2. freedom from persecution A. normalcy B. immunity Define Match the terms on the right with their definitions on the left. Click the mouse button or press the Space Bar to display the answers. B A
  • 26. Section 1-15 Checking for Understanding (cont.) Evaluate the effects of the Teapot Dome scandal on citizens’ views of the federal government. Citizens viewed government as corrupt. Click the mouse button or press the Space Bar to display the answer.
  • 27. Section 1-16 Reviewing Themes Click the mouse button or press the Space Bar to display the answer. Government and Democracy How did the Ohio Gang tarnish the Harding Administration? The Ohio Gang used their positions for personal advantage.
  • 28. Section 1-17 Critical Thinking Click the mouse button or press the Space Bar to display the answer. Interpreting How did the Democrats lose the chance for victory in the election of 1924? The Democrats could not agree on a nominee.
  • 29. Section 1-18 Analyzing Visuals Click the mouse button or press the Space Bar to display the answer. Analyzing Photographs Examine the photograph of Calvin Coolidge on page 513 of your textbook. How did Coolidge’s actions demonstrate effective leadership following the Harding administration? Coolidge avoided scandal and supported business prosperity.
  • 30. Section 1-19 Close Explain how Calvin Coolidge restored public confidence after assuming the presidency.
  • 32.
  • 33.
  • 34. Section 2-3 Guide to Reading (cont.) Section Theme Science and Technology New technology such as the automobile and radio helped reshape American lifestyles.
  • 35. Section 2-4 Click the Speaker button to listen to the audio again.
  • 36.
  • 37.
  • 38.
  • 39.
  • 40.
  • 41. Section 2-10 How did mass production and the assembly line affect economic growth in the U.S. during the 1920s? Click the mouse button or press the Space Bar to display the answer. The Rise of New Industries (cont.) (pages 514–518)
  • 42. Section 2-11 Mass production increased the supply of goods and decreased costs. Greater productivity led to the emergence of new industries. The assembly line greatly increased manufacturing efficiency by dividing up operations into simple tasks that unskilled workers could perform. More disposable income made innovations affordable. From electric razors to frozen foods and household cleaning supplies to labor-saving appliances, Americans used their new income to make life easier. The low prices made possible by mass production and the assembly line created great success in the auto industry and spurred the growth of other industries such as petroleum, rubber, plate glass, nickel, and lead. The Rise of New Industries (cont.) (pages 514–518)
  • 43.
  • 44.
  • 45.
  • 46. Section 2-15 Why did Americans’ attitudes towards consumerism change during the 1920s? Click the mouse button or press the Space Bar to display the answer. The Consumer Society (cont.) (pages 518–519)
  • 47. Section 2-16 Higher wages and shorter workdays led to an economic boom as Americans traded thrift for their new role as consumers. American attitudes about debt shifted, as they became confident that they could pay back what they owed at a later time. Advertising was used to convince Americans that they needed new products. Ads linked products with qualities that were popular to the modern era, such as convenience, leisure, success, fashion, and style. The ads promised consumers self-improvement, happiness, and self-fulfillment. The Consumer Society (cont.) (pages 518–519)
  • 48.
  • 49.
  • 50. Section 2-19 Why were farmers left out of the economic prosperity of the 1920s? Click the mouse button or press the Space Bar to display the answer. The Farm Crisis Returns (cont.) (pages 519–520)
  • 51. Section 2-20 During wartime, the U.S. government had encouraged farmers to produce more for food supplies needed in Europe. Farmers borrowed money at inflated prices to buy new land and new machinery to raise more crops. Farmers prospered during the war. After the war, Europeans had little money to buy American farm products. After Congress raised tariffs, farmers could no longer sell products overseas, and prices fell. The farmers had technological advances that enabled them to increase production, but because there was no increase in demand, they were forced to lower prices. The Farm Crisis Returns (cont.) (pages 519–520)
  • 52. Section 2-21 Checking for Understanding __ 1. a workplace where workers are not required to join a union __ 2. a production system with machines and workers arranged so that each person performs an assigned task again and again as the item passes before him or her __ 3. the production of large quantities of goods using machinery and often an assembly line __ 4. system in which companies enable employees to buy stock, participate in profit sharing, and receive benefits such as medical care, common in the 1920s A. mass production B. assembly line C. welfare capitalism D. open shop Define Match the terms on the right with their definitions on the left. Click the mouse button or press the Space Bar to display the answers. B A D C
  • 53. Section 2-22 Checking for Understanding (cont.) Click the mouse button or press the Space Bar to display the answer. Summarize the factors that led to the new consumer society in the United States during the 1920s. Mass production, easy credit, mass advertisement, and economic prosperity led to the new consumer society.
  • 54. Section 2-23 Reviewing Themes Click the mouse button or press the Space Bar to display the answer. Science and Technology How did the automobile impact American society? The automobile eased rural isolation and allowed workers to live farther away from work.
  • 55. Section 2-24 Critical Thinking Click the mouse button or press the Space Bar to display the answer. Identifying Cause and Effect How did the United States government help spur the growth of the airline industry? Governmental airmail service and funds for airports helped spur the airline industry.
  • 56. Section 2-25 Analyzing Visuals Click the mouse button or press the Space Bar to display the answer. Analyzing Advertisements Examine the advertisement on page 518 of your textbook. How did the growing consumer culture impact the nation’s economy? The growing consumer culture raised the standard of living and encouraged Americans to buy new goods.
  • 57. Section 2-26 Close Explain the growing economic crisis in farming.
  • 59.
  • 60.
  • 61. Section 3-3 Guide to Reading (cont.) Section Theme Economic Factors After World War I, the United States had to pay down a large amount of war debt while maintaining economic growth.
  • 62. Section 3-4 Click the Speaker button to listen to the audio again.
  • 63.
  • 64.
  • 65. Section 3-7 How did the Harding administration encourage economic growth in the United States? Click the mouse button or press the Space Bar to display the answer. Promoting Prosperity (cont.) (pages 521–522)
  • 66. Section 3-8 Secretary of the Treasury Andrew Mellon refinanced the national debt to lower the interest on it and persuaded the Federal Reserve to lower interest rates as well. Mellon reduced government spending and cut the federal budget. Mellon applied the idea of supply-side economics to reduce taxes. This idea suggested that lower taxes would allow businesses and consumers to spend and invest their extra money, resulting in economic growth. In the end, the government would collect more taxes at a lower rate. Secretary of Commerce Herbert Hoover attempted to balance government regulation with cooperative individualism. Manufacturers and distributors were asked to form their own trade associations and share information with the federal government’s Bureau of Standards. Hoover felt this would reduce waste and costs and lead to economic stability. Promoting Prosperity (cont.) (pages 521–522)
  • 67.
  • 68.
  • 69.
  • 70.
  • 71.
  • 72. Section 3-14 How did the Dawes Plan affect Europe’s economic problems? The plan did little to help. Britain, France, and Germany tried to pay what they owed while going deeper in debt to American banks and corporations. Click the mouse button or press the Space Bar to display the answer. Trade and Arms Control (cont.) (pages 522–524)
  • 73. Section 3-15 Checking for Understanding __ 1. a national policy of avoiding involvement in world affairs __ 2. President Hoover’s policy of encouraging manufacturers and distributors to form their own organizations and volunteer information to the federal government in an effort to stimulate the economy __ 3. economic theory that lower taxes will boost the economy as businesses and individuals invest their money, thereby creating higher tax revenue __ 4. a suspension of activity A. supply-side economics B. cooperative individualism C. isolationism D. moratorium Define Match the terms on the right with their definitions on the left. Click the mouse button or press the Space Bar to display the answers. B A C D
  • 74. Section 3-16 Reviewing Themes Click the mouse button or press the Space Bar to display the answer. Economic Factors Why did Andrew Mellon work to reduce federal tax rates? He believed that lowering tax rates would spur the economy by encouraging businesses and consumers to invest and spend.
  • 75. Section 3-17 Critical Thinking Click the mouse button or press the Space Bar to display the answer. Evaluating What efforts did the United States make to promote permanent peace and worldwide economic recovery? Were these efforts successful? Explain your answer. Answers will vary.
  • 76. Section 3-18 Analyzing Visuals Click the mouse button or press the Space Bar to display the answer. Analyzing Photographs Study the photograph of President Harding’s cabinet of advisers on page 522 of your textbook . What differences do you see between politics and the media then and now? Media coverage in both cases is often staged. However, today there is almost instant access by the media to politicians.
  • 77. Section 3-19 Close Explain how the United States remained involved in world affairs without being a League of Nations member.
  • 80. End of Chapter Summary
  • 81. Chapter Assessment 1 Click the mouse button or press the Space Bar to display the answers. Reviewing Key Terms Define Match the terms on the right with their definitions on the left. __ 1. a workplace where workers are not required to join a union __ 2. the production of large quantities of goods using machinery and often an assembly line __ 3. President Hoover’s policy of encouraging manufacturers and distributors to form their own organizations and volunteer information to the federal government in an effort to stimulate the economy __ 4. the state or fact of being normal __ 5. a suspension of activity A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium C H F A J
  • 82. Chapter Assessment 2 Click the mouse button or press the Space Bar to display the answers. Reviewing Key Terms (cont.) Define Match the terms on the right with their definitions on the left. __ 6. system in which companies enable employees to buy stock, participate in profit sharing, and receive benefits such as medical care, common in the 1920s __ 7. freedom from prosecution __ 8. economic theory that lower taxes will boost the economy as businesses and individuals invest their money, thereby creating higher tax revenue B G E A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium
  • 83. Chapter Assessment 3 Click the mouse button or press the Space Bar to display the answers. Reviewing Key Terms (cont.) Define Match the terms on the right with their definitions on the left. __ 9. a production system with machines and workers arranged so that each person performs an assigned task again and again as the item passes before him or her __ 10. a national policy of avoiding involvement in world affairs I D A. normalcy B. immunity C. mass production D. assembly line E. welfare capitalism F. open shop G. supply-side economics H. cooperative individualism I. isolationism J. moratorium
  • 84. Chapter Assessment 4 Click the mouse button or press the Space Bar to display the answer. Reviewing Key Facts What was the presidency of Warren G. Harding like? Inefficiency and scandal plagued his presidency.
  • 85. Chapter Assessment 5 Click the mouse button or press the Space Bar to display the answer. Reviewing Key Facts (cont.) How did President Coolidge restore public confidence? Coolidge distanced himself from the Harding administration and named the most capable individuals to his cabinet.
  • 86. Chapter Assessment 6 Click the mouse button or press the Space Bar to display the answer. Reviewing Key Facts (cont.) What were four new industries, besides the automobile industry, that grew in importance during the 1920s? Automobile-related industries such as garage and gas stations, the consumer goods, airlines, and radio industries grew in importance during the 1920s.
  • 87. Chapter Assessment 7 Click the mouse button or press the Space Bar to display the answer. Reviewing Key Facts (cont.) How did Henry Ford increase worker loyalty and impact the labor movement? He increased workers’ wages and reduced the workday, weakening the power of unions.
  • 88. Chapter Assessment 8 Click the mouse button or press the Space Bar to display the answer. Reviewing Key Facts (cont.) What were Andrew Mellon’s strategies for maintaining postwar American prosperity? Mellon’s strategies were to reduce taxes, reduce the federal debt, and balance the budget.
  • 89. Chapter Assessment 9 Click the mouse button or press the Space Bar to display the answer. Critical Thinking Analyzing Themes: Culture and Traditions How did automobiles change the standard of living during the 1920s? Automobiles allowed people to travel much greater distances more quickly and allowed workers to live outside cities. Rural Americans’ sense of isolation also decreased. Successful mass production resulted in new and cheaper consumer goods.
  • 90. Chapter Assessment 10 Click the mouse button or press the Space Bar to display the answer. Critical Thinking (cont.) Evaluating How effective were President Coolidge’s attempts to distance himself from the Harding administration? Explain your answer. Coolidge was quite successful in distancing himself from Harding. He did this by choosing effective cabinet members and associating himself with prosperity and big business.
  • 91. Chapter Assessment 11 Economics and History The graph below shows the cost of a new Model T automobile between 1908 and 1924. Study the graph and answer the questions on the following slides.
  • 92. Chapter Assessment 12 Interpreting Graphs By how much did the cost of the Model T drop from 1908 to 1920? The cost dropped by about $400. Economics and History (cont.) Click the mouse button or press the Space Bar to display the answer.
  • 93. Chapter Assessment 13 Economics and History (cont.) Click the mouse button or press the Space Bar to display the answer. Evaluating How was Henry Ford able to lower the price of the Model T? Ford decreased production costs and increased the productivity level and sales volume.
  • 94. Chapter Assessment 14 Click the mouse button or press the Space Bar to display the answer. Directions: Choose the best answer to the following question. One of the effects of World War I on the American economy was A a sharp rise in unemployment. B stronger government control over industry. C a sharp decrease in taxes. D the abolition of labor unions, which were seen as unpatriotic. Test-Taking Tip This question is asking for a cause-and-effect relationship. Look for an answer that can be directly related to the needs of a wartime economy. During the war, it was necessary to produce supplies and munitions for the armed forces (which also needed more personnel), so answer A must be incorrect. In fact, there were more jobs and fewer workers to fill them, so unemployment is not a logical choice.
  • 95. Chapter Assessment 15 Click the mouse button or press the Space Bar to display the answer. What was the Teapot Dome scandal? During the Harding administration, government lands containing large reserves of oil in Teapot Dome, Wyoming, were leased to private interests.
  • 96. End of Chapter Assessment
  • 97. F/F/F 1-Fact Cartoon Symbols Political cartoonists routinely use symbols to get their message across. Two of the most enduring have been the donkey, representing the Democrats, and the elephant, representing the Republicans (also known as the GOP, or the Grand Old Party). On November 7, 1874, cartoonist Thomas Nast became the first to use the symbols in a cartoon that appeared in Harper’s Weekly. The news media popularized the elephant and donkey symbols in election coverage.
  • 98. F/F/F 3-Fact The Tomb of the Unknown Soldier On March 4, 1921, Congress approved the burial of an unidentified World War I soldier in Arlington National Cemetery on a hill that overlooks Washington, D.C. This burial site, which was dedicated on November 11, 1921, is called the Tomb of the Unknown Soldier. In 1958 two unknown soldiers from World War II and the Korean War were buried alongside the original unknown soldier. In 1984 a Vietnam War soldier was added. On the side of the original tomb are inscribed the words: “Here rests in honored glory an American soldier known but to God.” The Tomb is guarded year-round, day and night, regardless of weather. The identities of the three other soldiers buried in the Tomb of the Unknown Soldier are, in fact, unknown. In 1998, however, DNA analysis allowed the Vietnam War soldier buried there to be identified. He is U.S. Air Force First Lieutenant Michael Joseph Blassie.
  • 99. FYI Contents 2 Airmail Charles Lindbergh Click on a hyperlink to view the corresponding slide.
  • 100. FYI 2-1a As the automotive industry expanded, another technology was spreading its wings. Airmail was common in the early 1920s, although the beginnings of this service were not so auspicious. Started in 1918, the service connected New York City, Philadelphia, and Washington, D.C. One day President Wilson dropped in to observe and he saw the plane bound for Philadelphia repeatedly fail to take off. After someone remembered to fill it with fuel, the pilot took off in the wrong direction and crash-landed in a field. The mail was sent by rail.
  • 101. FYI 2-2b Born in 1902, Charles Lindbergh grew up in Minnesota. After two years at the University of Wisconsin, he started flying as a stunt pilot. Lindbergh completed flight training to become an Army Air Service Reserve pilot. Later he flew mail between Chicago and St. Louis. An offer of $25,000 to become the first pilot to fly nonstop from New York to Paris inspired Lindbergh’s famous flight.
  • 102. Moment in History 2 Click the Speaker button to listen to the audio again.
  • 103. CT Skill Builder 1 Distinguishing Fact From Opinion Imagine that you are watching two candidates for president debate the merits of the college loan program. One candidate says, “In my view, the college loan program must be reformed. Sixty percent of students do not repay their loans on time.” The other candidate responds, “College costs are skyrocketing, but only 30 percent of students default on their loans for more than one year. I believe we should spend more money on this worthy program.” How can you tell who or what to believe? First, you must learn to distinguish a fact from an opinion. Then you will be better prepared to evaluate the statements that other people make. Click the Speaker button to listen to the audio again.
  • 104. CT Skill Builder 2 Learning the Skill A fact is a statement that can be proven. In the example above, the statement, “Sixty percent of students do not repay their loans on time” may be a fact. By reviewing statistics on the number of student loan recipients who repay their loans, we can determine whether the statement is true or false. To identify potential facts, look for words and phrases indicating specific people, places, events, dates, amounts, or times. Distinguishing Fact From Opinion
  • 105. CT Skill Builder 3 Learning the Skill (cont.) An opinion, on the other hand, expresses a personal belief, viewpoint, or emotion. Because opinions are subjective, we cannot prove or disprove them. In the example above, most statements by the candidates are opinions. To identify opinions, look for qualifying words and phrases such as I think, I believe, probably, seems to me, may, might, could, ought, should, in my judgment, and in my view. Also, look for expressions of approval or disapproval such as good, bad, poor, and satisfactory. Be aware of superlatives such as greatest, worst, finest, and best, and notice words with negative meanings and implications such as squander, contemptible, and disgrace. Also, identify generalizations such as none, every, always, and never. Distinguishing Fact From Opinion
  • 106. CT Skill Builder 4 Practicing the Skill For each pair of statements on the following slides, determine which is a fact and which is an opinion. Give a reason for each of your choices. Distinguishing Fact From Opinion
  • 107. CT Skill Builder 5 1. a. President Harding was born in Ohio in 1865. b. Harding later became the most scandalous president in United States history. This is an opinion because it expresses a viewpoint and includes the word most. Click the mouse button or press the Space Bar to display the answer. Distinguishing Fact From Opinion This is a fact because it can be proven. Practicing the Skill (cont.)
  • 108. CT Skill Builder 6 Click the mouse button or press the Space Bar to display the answer. Distinguishing Fact From Opinion 2. a. Harding’s administration suffered numerous public scandals, including the Teapot Dome scandal. b. Calvin Coolidge was probably disgusted with Harding’s poor performance in the White House. This is an opinion because it includes the word probably. Practicing the Skill (cont.) This is a fact because it can be proven.
  • 109. CT Skill Builder 7 Click the mouse button or press the Space Bar to display the answer. Distinguishing Fact From Opinion 3. a. Harding stated that the United States needed a return to normalcy, but he did not do anything to help the country. b. Coolidge took over the White House after Harding’s death and led the nation for the next several years. This is an opinion because it expresses a viewpoint. Practicing the Skill (cont.) This is a fact because it can be proven.
  • 110. CT Skill Builder 8 Click the mouse button or press the Space Bar to display the answer. 4. a. Henry Ford significantly lowered the price of the automobile with his mass production methods. b. Ford’s Model T was the most significant invention of the 20th century. Distinguishing Fact From Opinion This is a fact because it can be proven. Practicing the Skill (cont.) This is an opinion because it expresses a point of view and includes the phrase most significant.
  • 114. Technology and History 2 Click the mouse button or press the Space Bar to display the information.
  • 115. Why It Matters Transparency
  • 116. Daily Focus Skills Transparency 1 Click the mouse button or press the Space Bar to display the answer.
  • 117. Daily Focus Skills Transparency 2 Click the mouse button or press the Space Bar to display the answer.
  • 118. Daily Focus Skills Transparency 3 Click the mouse button or press the Space Bar to display the answer. Yes, the national debt fell $8 million from 1921 to 1929.
  • 119. GO 1
  • 120. GO 2
  • 121. GO 3
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