AP US History Flashcards: Economy After 1945

What this deck covers

This deck focuses on Economy After 1945, giving you a quick way to review the definitions, rules, and examples that matter most for AP US History.

How to use these flashcards

Work through these flashcards in short sessions. Try to answer each prompt before flipping the card, then revisit any cards you miss until the explanation feels automatic.

Flashcard 1: What was the effect of deregulation in the 1980s?

Answer: Reduced government intervention in industries. Removed price controls and barriers to market competition.

Flashcard 2: How did the US economy change in the 1980s?

Answer: Shift towards a service-oriented economy. Manufacturing jobs declined as service sector expanded.

Flashcard 3: Identify the main economic impact of Vietnam War.

Answer: Increased government spending and inflation. War costs strained federal budget and overheated economy.

Flashcard 4: What economic practice grew post-1945?

Answer: Credit and installment buying. Easy payment plans made expensive goods affordable.

Flashcard 5: What policy did the Federal Reserve use to combat 1970s inflation?

Answer: Raising interest rates. High interest rates reduced borrowing and cooled the economy.

Flashcard 6: Which economic theory guided Reagan's 1980s policies?

Answer: Supply-side economics. Theory that tax cuts stimulate economic growth through investment.

Flashcard 7: What was the economic role of the Federal Reserve post-1945?

Answer: Regulating monetary policy and interest rates. Central bank controlled money supply and inflation.

Flashcard 8: What was the government's response to the 2008 crisis?

Answer: Bank bailouts and stimulus packages. Government intervention prevented financial system collapse.

Flashcard 9: What was a major economic effect of the Cold War?

Answer: Increased defense spending. Military-industrial complex drove government expenditures upward.

Flashcard 10: Which economic policy did Clinton pursue in the 1990s?

Answer: Fiscal conservatism with social investments. Balanced budgets while maintaining social programs.

Flashcard 11: What was the impact of the Marshall Plan?

Answer: Economic recovery in Europe, benefiting US exports. Rebuilt European markets created demand for American goods.

Flashcard 12: What major economic change occurred in the 1970s?

Answer: Transition from manufacturing to service economy. Deindustrialization shifted jobs from factories to service sectors.

Flashcard 13: What was the effect of oil embargoes in the 1970s on the US economy?

Answer: Increased energy prices and economic recession. OPEC actions caused fuel shortages and economic slowdown.

Flashcard 14: What was the economic impact of the GI Bill on the US?

Answer: Increased educational attainment and home ownership. Veterans received college funding and low-interest home loans.

Flashcard 15: What is the significance of the Bretton Woods system post-1945?

Answer: Established international monetary order. Fixed exchange rates and dollar as global reserve currency.

Flashcard 16: What economic challenge did the US face in the 2010s?

Answer: Income inequality. Gap between rich and poor widened significantly.

Flashcard 17: What economic event occurred in the early 2000s?

Answer: Dot-com bubble burst. Overvalued internet companies crashed, causing economic downturn.

Flashcard 18: Identify the US economic condition in the early 1990s.

Answer: Recession followed by a tech-driven recovery. 1990-91 recession ended with technology-led economic expansion.

Flashcard 19: Which legislation reformed financial regulation post-2008?

Answer: Dodd-Frank Act. Strengthened oversight of banks and financial institutions.

Flashcard 20: Identify the main cause of the 2008 financial crisis.

Answer: Subprime mortgage lending and housing bubble. Risky loans to unqualified borrowers inflated housing prices.

Flashcard 21: What is the concept of 'Reaganomics'?

Answer: Economic policies of tax cuts, deregulation, and increased defense spending. Reagan's approach to stimulate growth through supply-side measures.

Flashcard 22: Identify the main cause of the 2008 financial crisis.

Answer: Subprime mortgage lending and housing bubble. Risky loans to unqualified borrowers inflated housing prices.

Flashcard 23: What key economic legislation did Reagan implement?

Answer: Tax cuts and deregulation. Reduced corporate and individual tax rates while removing regulations.

Flashcard 24: Which trade agreement was signed in 1994?

Answer: NAFTA (North American Free Trade Agreement). Eliminated tariffs between US, Canada, and Mexico.

Flashcard 25: What was a major economic effect of the Cold War?

Answer: Increased defense spending. Military-industrial complex drove government expenditures upward.

Flashcard 26: What was the economic role of the Federal Reserve post-1945?

Answer: Regulating monetary policy and interest rates. Central bank controlled money supply and inflation.

Flashcard 27: What economic event occurred in the early 2000s?

Answer: Dot-com bubble burst. Overvalued internet companies crashed, causing economic downturn.

Flashcard 28: What was a major economic trend of the 1990s?

Answer: Expansion of technology and internet industries. Personal computers and internet transformed business operations.

Flashcard 29: Identify a key feature of the Affordable Care Act.

Answer: Expansion of healthcare coverage. Extended insurance access to previously uninsured Americans.

Flashcard 30: How did consumer culture change post-1945?

Answer: Rise of mass consumerism and advertising. Television and suburban lifestyle fueled purchasing patterns.

Flashcard 31: Which trade agreement was signed in 1994?

Answer: NAFTA (North American Free Trade Agreement). Eliminated tariffs between US, Canada, and Mexico.

Flashcard 32: What is the concept of 'Reaganomics'?

Answer: Economic policies of tax cuts, deregulation, and increased defense spending. Reagan's approach to stimulate growth through supply-side measures.

Flashcard 33: What policy did the Federal Reserve use to combat 1970s inflation?

Answer: Raising interest rates. High interest rates reduced borrowing and cooled the economy.

Flashcard 34: What was the economic effect of technological advancements post-1945?

Answer: Increased productivity and automation. Machines replaced workers while boosting overall output.

Flashcard 35: Which economic theory guided Reagan's 1980s policies?

Answer: Supply-side economics. Theory that tax cuts stimulate economic growth through investment.

Flashcard 36: Identify the economic term for 1970s high inflation and unemployment.

Answer: Stagflation. Unusual combination of rising prices and rising unemployment.

Flashcard 37: What was the government's response to the 2008 crisis?

Answer: Bank bailouts and stimulus packages. Government intervention prevented financial system collapse.

Flashcard 38: Identify a key feature of the Affordable Care Act.

Answer: Expansion of healthcare coverage. Extended insurance access to previously uninsured Americans.

Flashcard 39: What was the primary economic system in the US post-1945?

Answer: Mixed economy combining capitalism and government intervention. Blended free market principles with New Deal-era regulatory frameworks.

Flashcard 40: What major economic change occurred in the 1970s?

Answer: Transition from manufacturing to service economy. Deindustrialization shifted jobs from factories to service sectors.

Flashcard 41: Identify a primary goal of post-1945 US economic policy.

Answer: Sustained economic growth. Keynesian economics aimed to maintain full employment.

Flashcard 42: Identify the US economic condition in the early 1990s.

Answer: Recession followed by a tech-driven recovery. 1990-91 recession ended with technology-led economic expansion.

Flashcard 43: Identify a primary goal of post-1945 US economic policy.

Answer: Sustained economic growth. Keynesian economics aimed to maintain full employment.

Flashcard 44: Which legislation reformed financial regulation post-2008?

Answer: Dodd-Frank Act. Strengthened oversight of banks and financial institutions.

Flashcard 45: What was the economic effect of technological advancements post-1945?

Answer: Increased productivity and automation. Machines replaced workers while boosting overall output.

Flashcard 46: Which sector led the US economic recovery post-2008?

Answer: Technology sector. Innovation companies drove job creation and stock market growth.

Flashcard 47: What was a primary cause of suburbanization post-1945?

Answer: Affordable housing and automobile ownership. Mass production made homes and cars accessible to middle class.

Flashcard 48: What was the impact of globalization on the US economy?

Answer: Job outsourcing and increased trade. Manufacturing jobs moved overseas while trade volume increased.

Flashcard 49: What was a major economic trend of the 1990s?

Answer: Expansion of technology and internet industries. Personal computers and internet transformed business operations.

Flashcard 50: What economic trend characterized the 1990s?

Answer: Economic globalization and trade expansion. Free trade agreements and multinational corporations expanded.

Flashcard 51: What was the effect of oil embargoes in the 1970s on the US economy?

Answer: Increased energy prices and economic recession. OPEC actions caused fuel shortages and economic slowdown.

Flashcard 52: Identify the economic term for 1970s high inflation and unemployment.

Answer: Stagflation. Unusual combination of rising prices and rising unemployment.

Flashcard 53: What was a major driver of the 1990s US economic expansion?

Answer: Information technology boom. Personal computers and internet created new industries.

Flashcard 54: Which sector experienced significant growth in the US after 1945?

Answer: The service sector. Manufacturing declined while services like finance and retail expanded.

Flashcard 55: How did the US economy change in the 1980s?

Answer: Shift towards a service-oriented economy. Manufacturing jobs declined as service sector expanded.

Flashcard 56: What economic challenge did the US face in the 2010s?

Answer: Income inequality. Gap between rich and poor widened significantly.

Flashcard 57: Identify the main economic policy initiative of the 1950s.

Answer: Eisenhower's Interstate Highway System. Created 41,000 miles of highways, boosting construction and commerce.

Flashcard 58: Which sector experienced significant growth in the US after 1945?

Answer: The service sector. Manufacturing declined while services like finance and retail expanded.

Flashcard 59: What was the impact of globalization on the US economy?

Answer: Job outsourcing and increased trade. Manufacturing jobs moved overseas while trade volume increased.

Flashcard 60: What was the impact of the Marshall Plan?

Answer: Economic recovery in Europe, benefiting US exports. Rebuilt European markets created demand for American goods.

Flashcard 61: What key economic legislation did Reagan implement?

Answer: Tax cuts and deregulation. Reduced corporate and individual tax rates while removing regulations.

Flashcard 62: What economic trend characterized the 1990s?

Answer: Economic globalization and trade expansion. Free trade agreements and multinational corporations expanded.

Flashcard 63: Which economic crisis impacted the US in the 1970s?

Answer: Energy crisis. Oil shocks caused fuel shortages and economic stagnation.

Flashcard 64: Which sector led the US economic recovery post-2008?

Answer: Technology sector. Innovation companies drove job creation and stock market growth.

Flashcard 65: What is the economic significance of Silicon Valley?

Answer: Hub of technology and innovation. Became global center for computer and internet companies.

Flashcard 66: What was the economic impact of the GI Bill on the US?

Answer: Increased educational attainment and home ownership. Veterans received college funding and low-interest home loans.