Economics – WWI – Flashcards
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This many American soldiers served on the front lines in World War I.
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1.39 million
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This many American soldiers died in World War I.
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114,000
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This event was the immediate cause of World War I.
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Austrian Archduke Franz Ferdinand's assassination
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Austrian Archduke Franz Ferdinand's assassin was of this ethnic and national background.
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Bosnian Serb
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This development prompted Germany's declaration of war on Russia in 1914.
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Russia's military mobilization
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This country declared war on Germany on August 4, 1914.
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Great Britain
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The growing power of this country increased tensions in Europe in the years just prior to World War I.
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Germany
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These two European countries formed an alliance with Russia before 1914.
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Great Britain and France
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These two European countries formed an alliance with Austria-Hungary before 1914.
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Germany and Italy
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Great Britain undertook this form of economic warfare after declaring war on Germany in 1914.
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naval blockade
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The German-Austrian military alliance of World War I is also known by this name.
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the Central Powers
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The British declaration of war in 1914 had this immediate economic impact on the United States.
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curtailment of American trade with the Central Powers
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Great Britain imposed its naval blockade on Germany in 1914 for this purpose.
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cutting Germany off from external assistance
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Germany used this military weapon to isolate the British economy in World War I.
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U-boats (submarines)
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This Allied country's economy was the best equipped to manage the burden of the World War I effort.
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Great Britain
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Great Britain dedicated this percentage of its 1917 output to the war effort by 1917.
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40%
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British output increased by this percentage from 1913 to 1918.
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13%
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This strategically important British industry's output rose by 25% from 1913 to 1917.
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steel industry
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This sector's output rose markedly when it was taken over by the British government in 1915.
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munitions production
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This British government department took over key war industries in 1915.
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Ministry of Munitions
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This strategically important British industry's output declined over the course of World War I.
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coal mining
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This factor caused British coal output to fall over the course of World War I.
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the enlistment of many miners
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This country suffered the most physical damage and financial costs during World War I.
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France
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World War I was mostly fought in this country.
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France
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The outbreak of World War I caused a decline in French production for this reason.
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enlistment of many French workers
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France's initial World War I army enlisted approximately this many soldiers.
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5 million
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France's World War I soldiers worked mainly in this area of the economy.
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private industry
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These three groups replaced French soldiers in the domestic labor force from the start of World War I.
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women, children, and non-enlisted men
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Government spending made up this percentage of the French economy in 1918.
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53.5%
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Government spending made up this percentage of the French economy in 1913.
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10%
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This British ally was economically underdeveloped at the start of World War I.
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Italy
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Most governments adopted this method of ensuring sufficient war materiel production in World War I.
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central planning by the government
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This Italian government department planned overall wartime production during World War I.
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Supreme Committee of Ministers
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This Italian government department made day-to-day production decisions during World War I.
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Under-Secretariat for Arms and Munitions
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The Italian government used this policy to force private firms to produce war material during World War I.
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takeover of private factories
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These three Italian industries made the greatest production gains in World War I.
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mechanical, engineering, and hydroelectric
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This Italian industry's output increase during World War I was due largely to a single firm.
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automotive manufacturing
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This firm increased Italian automotive manufacturing output substantially during World War I.
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FIAT
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Italy's increase in war-related output during World War I had this negative economic impact.
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decrease in other sectors' capital stock
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This British ally's economy was considered "backward" at the start of World War I.
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Russia
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Russia's 1914 per capita income is estimated to have been at least this percentage of the United States'.
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11%
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Russia's 1914 per capita income is estimated to have been at most this percentage of the United States'.
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30%
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By these two measures, Russia's economy was poorly developed relative to the United States and Great Britain in 1914.
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production levels and income
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Russia's economy enjoyed these two main advantages in World War I.
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large population and massive agricultural capacity
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War production made up this percentage of Russian economic output in World War I.
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24%
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Russian economic output in World War I was mainly limited by this factor.
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inability to organize and mobilize its resources
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This country withdrew from World War I in December 1917.
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Russia
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This country entered World War I soon after Russia's withdrawal.
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the United States
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German attacks on these two vessels triggered American entry into World War I.
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the Lusitania and the Sussex
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RMS Lusitania sailed from this city on its last voyage.
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New York
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This city was RMS Lusitania's destination on its last voyage.
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Liverpool
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RMS Lusitania sank at this location.
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off the Irish coast
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Approximately this many passengers died in the sinking of RMS Lusitania.
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2000
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This many Americans died in the sinking of RMS Lusitania.
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159
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The United States was maintaining this policy towards World War I at the time of the RMS Lusitania's sinking.
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official neutrality
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The Germans mistook the Sussex as this type of vessel.
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a mine-laying vessel
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The Sussex belonged to this country.
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France
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The Sussex was this type of vessel.
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a cross-channel ferry
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The Sussex took this action in response to being attacked by a German submarine in 1916.
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sought harbor in a French port
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Approximately this many passengers died in the German attack on the Sussex.
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50
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This many American passengers suffered injuries in the German attack on the Sussex.
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25
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Woodrow Wilson decided on this form of response to Germany's attack on the Sussex.
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issuance of a strong warning to Germany
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Woodrow Wilson warned Germany against attacking these two types of vessels after the attack on the Sussex.
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vessels carrying passengers and freight
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Woodrow Wilson threatened to carry out this action after the German attack on the Sussex.
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severance of diplomatic ties
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Germany issued this policy in response to American protests at the attack on the Sussex.
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the Sussex pledge
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Germany's Sussex pledge entailed this policy.
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cession of attacks on non-military ships
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Germany's Sussex pledge declared that this type of ship would still be subject to attack.
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merchant ships
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Germany's Sussex pledge declared that merchant ships would only be attacked under these two conditions.
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provision of safe passage to their crew and the searching of the ships
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This reason motivated Germany's new policy of submarine warfare in 1917.
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faltering of its war effort
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Germany declared this new policy of submarine warfare in 1917.
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all-out warfare on all ships
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Germany sank this many American merchant ships in March 1917.
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five
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The publication of this document in March 1917 helped to bring the United States into the war.
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the Zimmerman telegram
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The Zimmermann telegram was addressed to this country.
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Mexico
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The Zimmermann telegram asked Mexico to declare this.
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war on the United States
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This country intercepted Germany's Zimmerman telegram.
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Great Britain
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This status characterized the war in Europe at the time when the United States entered World War I.
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stalemate
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The United States faced this geographical obstacle to mobilization in World War I.
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the need to transport troops and material across the Atlantic
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This many men served in the American army during World War I.
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4 million
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This many men served in the American military during World War I.
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4.8 million
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The United States implemented this type of conscription after entering World War I.
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selective service
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American conscription in World War I had this minimum age limit.
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18
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American conscription in World War I had this maximum age limit.
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45
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This many men registered under the American selective service law during World War I.
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24.2 million
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This many men entered the American military through selective service during World War I.
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2.8 million
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American soldiers fighting in World War I trained for this length of time on average.
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8 months
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American soldiers fighting in World War I trained in the United States for this length of time on average.
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6 months
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American soldiers fighting in World War I trained in Europe for this length of time on average.
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2 months
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This means of trans-Atlantic military transport was not available to the United States in World War I.
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military aircraft
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This factor was the main threat to American trans-Atlantic transports during World War I.
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German submarines
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German submarines sank this amount of American military shipping in World War I.
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200,000 deadweight tons
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Most American shipping losses in World War I were due to this cause.
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torpedo attacks
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German torpedoes sank this amount of American military shipping in World War I.
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142,000 deadweight tons
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The United States transported this amount of cargo to Europe during World War I.
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7.5 million tons
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The American declaration of war on Germany in 1917 required the United States to organize this military resource immediately.
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trans-Atlantic transport fleet
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This ally made the greatest contribution to the American transport fleet in World War I.
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Great Britain
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Great Britain provided this percentage of the American transport fleet in World War I.
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50%
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This company provided most of the domestically-owned American transport ships in World War I.
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Emergency Fleet Corporation
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The Emergency Fleet Corporation obtained this tonnage of new ships for the American military in World War I.
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1 million tons
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The American war effort utilized this tonnage of new ships in World War I.
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2 million tons
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These four wartime agencies had primary responsibility for coordinating World War I production in the United States.
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War Industries Board, Railroad Administration, Food Administration, and Fuel Administration
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The United States established this wartime agency in July 1917.
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War Industries Board
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The War Industries Board was reorganized in March 1918 for this reason.
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its early inefficiency
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The American War Industries Board had this purpose.
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procuring war products
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This function was the American War Industries Board's primary responsibility.
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price-setting for strategically important goods
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This American committee oversaw price-setting for strategically important goods during World War I.
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Price Fixing Committee
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The United States used this method to set war-related goods' prices in World War I.
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bulk-line pricing
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Bulk-line pricing overcame this problem in the United States during World War I.
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differing costs among producers
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Bulk-line pricing determined prices according to this variable in the United States during World War I.
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fraction of total output required
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The vertical bulk-line represented this variable.
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percentage of output required by the government
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The bulk-line price is set at the intersection of the bulk line and this economic variable.
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the cost curve plus profit
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This circumstance would result in shortages in the bulk-line pricing system.
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demand exceeding the bulk-line
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This mechanism would reduce shortages associated with bulk-line pricing in a free market.
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increase of prices to meet demand
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Free market mechanisms were unable to prevent American bulk-line shortages during World War I for this reason.
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the government fixing of prices for war goods
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The American government implemented this policy to prevent bulk-line shortages during World War I.
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setting of production priorities
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The American production priorities rating system used these five ratings.
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AA, A, B, C, D
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The American production priorities system imposed this requirement on World War I producers.
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faster completion of higher priority orders
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This act of the American government created the Food Administration in August 1917.
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Lever Food and Fuel Act
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This American official and future president oversaw the World War I Food Administration.
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Herbert Hoover
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The American Food Administration refrained from these two common methods of controlling food policy.
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price controls and food rationing
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The American Food Administration relied on this method to implement its measures.
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voluntary cooperation
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The Food Administration introduced this initiative to reduce American meat consumption.
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Meatless Mondays
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The American Food Administration issued licenses to firms in these two sectors.
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food processing and food distribution
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The American Food Administration enforced voluntary cooperation with its initiatives through this means.
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revocation of food licenses
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Woodrow Wilson imposed this policy on American railroads in late 1917.
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nationalization
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This department oversaw American railroads during World War I.
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Railroad Administration
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The American Railway Administration was created to tackle this problem.
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rail traffic congestion
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Congestion on American railways had this impact on its World War I military effort.
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slow transport of war-related supplies
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This good was the main war-related supply transported on American railroads during World War I.
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coal
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American railroads were nationalized for this long during World War I.
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two years
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Low income had these two impacts on American railway financing prior to World War I.
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lack of new capital and failure to maintain their credit
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The United States' entry into World War I increased its railroads' inefficiency for this reason.
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the increase in traffic due to the war effort
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The Railroad Administration ran special trains during World War I for this purpose.
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transporting American troops
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The Railroad Administration transported this many American troops monthly in World War I.
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616,000
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The American Railroad Administration ran this many special trains during World War I.
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13,912
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The length of American troop trains' journeys was this average distance during World War I.
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800 miles
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Woodrow Wilson created this department in response to concerns about fuel shortages in August 1917.
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Fuel Administration
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The Fuel Administration was created in August 1917 through this means.
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executive order
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The Fuel Administration had control over this aspect of the American market for fuel.
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the price of coal at mines
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The American Fuel Administration was responsible for this wartime function.
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ensuring the delivery of coal
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The American Fuel Administration worked closely with this other department.
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the Railroad Administration
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These expenses made up the "gross cost" of World War I.
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actual expenditures of the combatant countries
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These two costs should be subtracted from the gross cost of World War I to yield the net cost.
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"advances" and loans provided by wealthier allies
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The use of net costs rather than gross costs of World War I avoids this inaccuracy in accounting.
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double-counting expenditures
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The net cost of World War I per capita in a country is obtained through this method.
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division of total net costs by that country's population
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Those countries involved in World War I incurred this direct financial net cost.
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$186 billion
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This Allied country incurred the greatest costs in World War I.
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Great Britain
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Great Britain incurred this net cost of war per capita as a result of World War I.
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$766
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This Allied country incurred the second-highest net cost of war per capita as a result of World War I.
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France
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France incurred this net cost of war per capita as a result of World War I.
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$613
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Germany incurred this net cost of war per capita as a result of World War I.
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$557
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The United States incurred this net cost of war per capita in World War I.
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$229
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The net cost of war per capita amounted to this percentage of American income during World War I.
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31%
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The net cost of war per capita in the United States came to this amount in 2011 dollars.
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$3,420
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Combatant countries incurred these five types of indirect costs during World War I.
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property losses, shipping losses, lost production, cost of war relief, and the capitalized value of deaths
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This important economic term can also refer to the value of the forgone activities in a wartime economy.
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opportunity cost
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The Allies paid this net cost in World War I.
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$125.6 billion
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The Central Powers paid this net cost in World War I.
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$60.6 billion
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The capitalized value of World War I deaths came to this estimated total cost.
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$33.6 billion
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Property losses on land during World War I amounted to this total cost.
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$30.0 billion
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Shipping and cargo losses during World War I amounted to this total cost.
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$6.8 billion
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These four categories represented the main types of physical capital destroyed during World War I.
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domestic assets, overseas assets, reparations bill, and national wealth
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This country lost the greatest proportion of its prewar human capital during World War I.
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France
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This country lost the greatest proportion of its prewar domestic assets during World War I.
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France
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These two countries lost the greatest proportion of their national wealth during World War I.
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France and Germany
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Germany's reparations bill represented this percentage of its pre-World War I assets.
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51.6%
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World War I had this estimated total cost.
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$337.85 billion
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Military deaths in World War I formed this percentage of the alliances' total population.
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1%
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This country suffered the most military deaths in proportion to its population in World War I.
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Serbia
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Serbia's military deaths in World War I made up this percentage of its total population.
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5.7%
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The Central Powers' military deaths in World War I made up this percentage of their total population.
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2.6%
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The Allies' military deaths in World War I made up this percentage of their total population.
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0.7%
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This term refers to the overall stock of skill and knowledge in economies.
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human capital
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This term refers to the conversion of future economic values into current values.
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capitalization
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Young soldiers killed in World War I represented an especially high cost in human capital due to this factor.
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their being in the prime of life
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Russia's losses in World War I appear higher when expressed relative to its prewar assets for this reason.
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Russia's low prewar capital stock
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Governments used these three methods of financing the World War I effort.
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loans, taxation, and printing of money
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This method financed most of the United States' World War I military spending.
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government borrowing
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American government borrowing in World War I raised this amount of money.
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$19 billion
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The United States sold this financial instrument to raise funds for World War I.
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Liberty Bonds
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This type of subscriber was the largest purchaser of Liberty Bonds.
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individual Americans
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The United States issued this many Liberty Bonds in World War I.
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four
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The First Liberty Loan bond issue raised this amount of money.
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$5 billion
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The First Liberty Loan was issued at this rate.
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3.5%
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The Second Liberty Loan bond issue raised this amount of money.
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$3 billion
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The Second Liberty Loan was issued at this rate.
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4%
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The Third Liberty Loan bond issue raised this amount of money.
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$3 billion
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The Third Liberty Loan was issued at this rate.
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4.5%
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The Fourth Liberty Loan bond issue raised this amount of money.
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$6 billion
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The Fourth Liberty Loan was issued at this rate.
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4.25%
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The four Liberty Loans raised this amount of money in total.
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$17 billion
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The first American income tax was introduced during this period.
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the Civil War
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This constitutional amendment permitted income tax in the United States.
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the 16th Amendment
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This change in American tax policy occurred during World War I.
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increase in income tax
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Tax revenue contributed this amount of American spending in World War I.
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$7.6 billion
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Tax revenue contributed this percentage of American spending in World War I.
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24.5%
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The Federal Reserve was founded just prior to this event.
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beginning of World War I
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The Federal Reserve financed World War I spending through exercising this function allocated to it.
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printing money
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The Federal Reserve printed this amount of currency for government spending during World War I.
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$4.4 billion
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The Federal Reserve's policy of printing money contributed this percentage of government spending during World War I.
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14.1%
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The Federal Reserve financed World War I spending through this open-market operation.
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purchasing government bonds
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The Federal Reserve paid for World War I government bonds through this method.
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creation of new deposits
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Great Britain's government primarily used this method of financing World War I spending.
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debt financing
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British government debt levels were this percentage of total economic output in 1918.
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127.5%
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This symbol stands for the British pound.
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£
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The British economy produced this value of goods and services in 1918.
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£5.866 billion
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Great Britain had this amount of national debt in 1918.
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£7.481 billion
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Great Britain issued this many war loans during World War I.
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three
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Great Britain primarily relied on these two sources of debt financing in World War I.
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domestic war loans and loans from the United States
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Taxes contributed this percentage of British war expenditure in World War I.
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24.5%
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British tax revenues in the first year of World War I contributed this percentage of war expenditure.
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40%
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The United States spent this amount on its World War I military effort.
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$31 billion
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Government borrowing funded this percentage of the United States' World War I military spending.
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61.4%
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This term refers to taxes imposed on specific goods.
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excise taxes
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This term refers to taxes imposed on all goods.
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sales taxes
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These three types of British taxes rose significantly during World War I.
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excise, property, and income taxes
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Great Britain imposed excise taxes on these five types of goods during World War I.
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alcohol, tobacco, tea, automobiles, and musical instruments
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French government spending made up this percentage of GDP at the start of World War I.
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10%
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French government spending made up approximately this percentage of GDP by the end of World War I.
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50%
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France initially relied on this method of financing wartime expenditure in World War I.
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short-term debt
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France abandoned the method of short-term debt financing in World War I for this reason.
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its unviability in a protracted war
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France's debt levels amounted to this percentage of its GDP in 1916.
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124%
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France's debt levels were this percentage of GDP before the outbreak of World War I.
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65%
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French use of taxation to finance World War I was limited by this factor.
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public opposition to increased taxes
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Unlike its allies, France did not rely significantly on this type of tax to fund its World War I spending.
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income tax
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France introduced this tax in 1916.
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tax on extraordinary war profits
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This indirect tax helped to finance French war expenditure during World War I.
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the inflation tax
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An increase in this variable causes inflation.
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overall money supply
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Inflation has this impact on consumer income.
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decreased purchasing power
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The French money supply increased by this percentage annually from 1915 to 1919.
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20%
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French prices rose by this percentage annually from 1915 to 1919.
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19.7%
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France implemented this policy to check inflation during World War I.
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price controls
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This method funded most of Germany's wartime spending in World War I.
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debt financing
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Debt financing contributed this percentage of German war spending in World War I.
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81%
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The German money supply increased by this percentage during World War I.
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400%
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German prices increased by approximately this percentage during World War I.
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100%
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German World War I debt led to this post-war economic problem.
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hyperinflation
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The acronym GDP stands for this term.
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Gross Domestic Product
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GDP has this definition.
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value of all goods and services produced in an economy in a given year
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GDP can be measured in these two ways.
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expenditure and income
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The expenditure approach calculates GDP according to this measure.
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total spending of different economic sectors
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The expenditure approach to GDP includes these four economic sectors.
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private households, firms, governments, and foreign buyers
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The expenditure and income approaches to GDP produce equal values by definition for this reason.
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that all expenditure is another person's income
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The income approach calculates GDP according to this measure.
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total income in an economy
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Wartime spending increases do not increase economic well-being for this reason.
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its failure to contribute to material wealth and living standards
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This economic variable distorts the real value of GDP.
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inflation
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Real GDP refers to this measurement.
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GDP with price levels held constant
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The United States economy was in this period of the business cycle at the start of World War I.
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recession
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The start of World War I created this stimulus to the American economy.
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increased exports to Europe
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This fraction of American economic growth during World War I occurred before it joined the war.
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two-thirds
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This country's GDP declined the most during World War I.
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France
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This country's GDP increased the most during World War I.
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Great Britain
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Great Britain's GDP increased by this percentage from 1913 to 1918.
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14.8%
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The United States' GDP increased by this percentage from 1913 to 1918.
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13.2%
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Germany's GDP declined by this percentage from 1913 to 1917.
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19.2%
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Austria's GDP declined by this percentage from 1913 to 1917.
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26.7%
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Russia's GDP declined by this percentage from 1913 to 1917.
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32.3%
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France's GDP declined by this percentage from 1913 to 1918.
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36.1%
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This many American soldiers had been demobilized by April 1919.
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2 million
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This many American soldiers reentered the workforce by mid-1920.
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4 million
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Demobilization had this short-term impact on the American economy after World War I.
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economic downturn
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This sector fuelled American economic recovery after World War I.
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the government
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The American government paid this amount of money to all discharged soldiers after World War I.
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$60
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The American government loaned this amount of money after World War I to its allies.
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$2 billion
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American loans to Europe helped fuel domestic economic growth through this means.
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European spending of the loans on American goods
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This region of Europe was especially dependent on American imports after World War I.
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Central Europe
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American business spending after World War I increased greatly in these two areas.
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plants and equipment
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This economic sector was the main contributor to post-World War I growth in the United States.
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consumer durable goods industries
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This term refers to the period of strong economic growth following World War I.
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the Roaring Twenties
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Durable goods have this definition.
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goods lasting at least three years on average
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These two categories are the main types of consumer durable goods.
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household appliances and automobiles
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Germany's 1919 GDP is estimated to be as low as this percentage of its 1913 level.
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55%
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This characteristic of German agriculture caused it to be especially hard-hit by World War I.
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its labor-intensive nature
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This treaty between Germany and the Allies ended World War I.
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the Versailles Treaty
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These three leaders drew up the terms of the Versailles Treaty.
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George Clemenceau, Woodrow Wilson, and David Lloyd George
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The "ratchet effect" refers to this impact of World War I.
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permanently higher government spending
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According to Robert Higgs, the "ratchet effect" of World War I formed the basis for this later shift in American government spending.
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the New Deal expansion of government
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Scholars argue against the "ratchet effect" of World War I spending primarily on these two grounds.
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the pre-war expansion of government and the limited areas in which spending increased
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Broadberry and Harrison argue that the "ratchet effect" of World War I applied only to this type of spending.
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debt service payments
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These kinds of payments would be considered debt service payments.
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payments over a time period on the interest and principal of a loan
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This British economist published a critique of the Versailles Treaty in 1919.
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John Maynard Keynes
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John Maynard Keynes published this critique of the Versailles Treaty in 1919.
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The Economic Consequences of the Peace
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John Maynard Keynes argued that the Versailles Treaty prevented this necessity for postwar stability.
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an integrated and unified Europe
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John Maynard Keynes argued that the Versailles Treaty was inconsistent with this earlier declaration.
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the "Fourteen Points"
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This leader formulated the "Fourteen Points".
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Woodrow Wilson
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The "Fourteen Points" stipulated German compensation payments for this type of damage.
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damage to invaded territory
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The "Fourteen Points" excused Germany from the obligation to pay for these three types of wartime damage.
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damage from air raids, submarine attacks, and naval bombardments
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The Versailles Treaty imposed this amount of reparations on Germany.
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$33 billion
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The Versailles Treaty required Germany to pay this amount per year until 1925.
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$325 million
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The Versailles Treaty required Germany to pay this much money per year after 1925 in interest.
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$900 million
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John Maynard Keynes argued that this sum of post-World War I German reparations was appropriate.
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$10 billion
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The Versailles Treaty reparations imposed on Germany were lower than those of this 1871 war.
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the Franco-Prussian War
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Great Britain owed the United States this much money after World War I.
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$4 billion
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France owed the United States this much money after World War I.
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$2.7 billion
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World War I saw the introduction of technological advances in these four military weapons.
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machine guns, tanks, attack aircraft, and poison gas
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These two factors triggered the American decision to enter World War I.
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German attacks on American ships and its attempt to ally with Mexico
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World War I amounted to approximately this total cost in present-day dollars.
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$5 trillion
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These two combatant countries enjoyed economic growth during World War I.
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the United States and Great Britain
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