Changing Economic Landscape
Which of the following was NOT explicitly mentioned as an area where technological development accelerated during the war?
Agriculture
According to Keynes, by what percentage was Sterling overvalued compared to the US dollar?
10%
What was a long-term negative effect of Britain's protectionist policies after WWI?
A lack of incentive for industries to modernize.
What was the primary purpose of the "Geddes Axe" cuts in 1922?
To reduce government spending and balance the budget.
What was a significant consequence of Britain's return to the gold standard in 1925?
Exports became more expensive and less competitive.
What major action did the government take in response to the economic problems of the Great Depression?
Leaving the Gold Standard.
By 1933, what percentage of unemployment had been reached in shipbuilding areas?
60%.
Why did countries like France and Germany gain an edge over Britain in industrial production after WW1, according to the notes?
They purchased new, more modern machinery.
Which of the following was a direct result of the government's economic policies during the Great Depression?
Restoration of unemployment benefits in 1934.
What was a significant consequence of accelerated technological development during the war, particularly with machine tools and assembly-line techniques?
Encouraged employment of semi-skilled labor.
The term 'the hungry thirties' was used by left-wing historians to describe a period characterized by what?
Depression and high unemployment
What significant policy change did the government implement in response to the economic problems of the Great Depression?
Leaving the Gold Standard
What was the trend in coal use in the UK between 1929 and 1935 during the depression?
It dropped from 180 to 155 million tonnes
Following the government's actions to address the economic crisis, what happened to interest rates?
Interest rates fell
Which of these regions experienced particularly severe impacts from the depression due to reliance on staple industries?
South Wales and the North East
What was a direct impact on exports after the pound was removed from the Gold Standard?
Exports became cheaper, with sales increasing by 28%.
After the Second World War, which economic theory gained acceptance, contrasting with the orthodox view?
Keynesianism
What term was used to describe the policy of cutting interest rates from 6% to 2% after the pound was removed from the Gold Standard?
Cheap Money
Which of the following was a key feature of the economic legacy of the Second World War?
Increased acceptance of government management of the economy.
By what approximate percentage did industrial production rise after the pound was removed from the Gold Standard in 1931?
46%
The IMF loan agreed in September 1976 by the Labour government came with conditions for how much in spending cuts?
£3 billion
What was the initial percentage increase in oil prices by OPEC during the 1973 Oil Crisis?
70 percent
What was the new value of the pound after the 1967 devaluation under the Labour government?
$2.40
Edward Heath's Conservative government (1970-74) aimed to move away from which economic theory?
Keynesianism
Which foreign leader vetoed Britain's application to join the European Economic Community during the 1964-1970 Labour government?
Charles de Gaulle
What was a key characteristic of the '1920s Problems' in Britain's economy?
Rising unemployment
What was the approximate inflation rate in 1975, largely due to increased fuel and energy costs?
Above 25%
During the '1945-51 Austerity and growth' period, what was a major government initiative to boost the economy?
An 'Export drive' up 80%
Which factor, occurring during the Labour government (1974-79), directly contributed to the 'Winter of Discontent'?
Attempts to cap wages
Which economic approach did Heath plan to move away from, advocating for spending cuts and reduced tax burden?
Keynesianism