Causes of WW2
Name of the treaty that gave Germany several conditions after WW1
Treaty of Versailles
Name of the economic term that plagued Germany in the 20s and 30s
Inlfation
The country invaded that started the war
Poland
Name 2 Allied powers of WW2
France, Britain, Soviet Union, Australia, USA, etc.
The name of the place attacked that caused the USA to enter the war.
Pearl Harbour
Australia fought on what side during the war?
Allies
After the war ended in Europe, the Allies turned their attention to what nation?
Japan
The name of the project that was focused on splitting the atom
Manhattan project
Define Inflation
The increase in the general level of price of goods and services over a period of time
Define unemployment
The amount of people willing and able to work who cannot find a job
Define interest rates
Explain two ways the government is impacted by unemployment
Name the 4 stages of the business cycle
Peak/Boom
Contraction/Downswing
Trough
Expansion/Upswing
List two of the conditions of the Treaty of Versailles
Reduced military
Loss of land
Fines and reparations
Hitler initially began to rise to power as part of what party?
German Workers Party
The year the war started
1939
Name 2 Axis powers
Italy, Germany, Japan
The city in Australia that was first bombed by the Japanese during WW2
Darwin
Were Indigenous Australians allowed to serve in the war?
Yes, but often as part of a separate unit
The year in which France was liberated by the Allies
1944
Name of the bomb dropped on Nagasaki
Fat Man
The formula for calculating inflation
CPI Year 2 - CPI Year 1/ CPI Year 1 x 100
What is the labour force?
The total amount of people of working age, who are able to work
Do banks always pass on interest rate cuts?
No
Define lagging indicator
A sign that shows where the economy has previously been performing
The policy popularised by Neville Chamberlain towards Germany in the 1930s
Appeasement
The term for the economic boom period in the west
Roaring 20s
The countries who declared war on Germany
Britain and France
The place where British soldiers escaped in France.
Dunkirk
This British controlled island was a major fortress for the Allies until overrun by Japan
Singapore
How many Australians served overseas in WW2?
Around 550,000
The city in which the Allies stormed to finally end the war
Berlin
The President who made the decision to drop the bombs
Harry Truman
What is the target rate for inflation?
2-3%
What is the formula for calculating unemployment?
Number unemployed/ Labour force x 100
Define cash rate
The cost of borrowing money in the overnight money market
Define coincident indicator
A sign of how the economy is currently performing
What was the intent behind appeasement?
The intent behind appeasement was:
To reduce the possibility of another world war
Save as many lives in the process as possible
Keep diplomatic channels open in order to reach a peaceful resolution
How did the Treaty of Versailles impact German citizens?
German citizens faced several issues after the Treaty that included:
Rising unemployment
Rising cost of living and inflation
Forced migration from their homelands to remain in the country of Germany
Lower levels of living and working conditions
Leader of Italy
Benito Mussolini
Australian troops were given this nickname for their defense of a port in Africa.
Rats of Tobruk
The spirited defense of this trail in Papua New Guinea is sometimes to referred to as one of Australia's defining moments in the war.
Kokoda
Name an industry that was stopped in Australia to focus more manufacturing on war efforts
Luxury industries such as furniture making
The Allies push towards Germany began in which country?
France
The name of the bomb dropped on Hiroshima
Little Boy
Calculate the inflation rate below:
Year 2 - 107
Year 1 - 100
7%
The people who are not considered part of the labour force?
Retirees, children, those who cannot work
Who sets the cash rate?
RBA (Reserve Bank of Australia)
Define leading indicator
A sign of how the economy will perform into the future
The name of a country that the policy of appeasement let Germany annex part of
Czhechoslovakia or Austria
How were the citizens of Germany influenced to start war by Hitler?
German citizens were poor, hungry, tired and cold. They had very little and Hitler promised a way forward, to return Germany to it's greatness and once again be a world superpower. He was charismatic and had the backing of several important figures in Germany. For the people, his roadmap to success seemed believable and his policies regarding the economy and military spoke of jobs, employment and controlling the out of control German Mark
The term for the early years of the War where little happened
The Phoney War
The name for the landings in Normandy on the 6th June 1944
D-Day
The name for the Japanese system of attack that lead to pilots dive-bombing aircraft into enemy targets.
Kamikaze
Describe what was censored during the war
Media communications such as broadcasts and newspapers
Why did Hitler not sign Germany's surrender?
He was dead by his own hand by the time the surrender happened.
The name of the plane that dropped the first atomic bomb
Enola Gay
The term for high inflation that is out of control and over 10%
The current unemployment rate is
4.5%
What is the current interest rate?
4.35%
The area in which Germany first re-militarised
The Rhineland
Japan's invasion of this place continued their expansion in 1931
Manchuria
The nation that aided Germany in their invasion of Poland
Soviet Union
The last German offensive push to try and fend off the Allies
The Battle of the Bulge
The name for the campaign that saw the Allies reclaim land in the pacific.
Island Hopping
The term for detention the people from Italy or Germany who were believed to be a National security threat
Internment
The end of the war meant freedom for prisoners of what systematic discrimination based on race?
Holocaust
The original target instead of Nagasaki
Kokura
A country that has experienced hyperinflation.
Germany, Zimbabwe, other acceptable answers
List the four types of unemployment
Structural, Frictional, Seasonal, Cyclical
What is the likely impact in interest rates if inflation increases by 1% to 5%?
Increase
The rise of what in both Italy and Germany contributed to the war
Fascism
The nation that Japan unexpectedly defeated in war
Soviet Union
The city that was invaded by Germany that started the war
Danzig
Name another German leader who worked under Hitler
The battle of this small island is often referred to as the tipping point of the war int he pacific
Midway.
Explain how Australians were rationed during the war.
Products such as butter, milk, eggs, meat, tea, shoes and clothes were all rationed. Alcoholic drinks were also rationed and people were encouraged to restrict travel unless it was absolutely necessary. Clothes were in short supply as workers were pushed into more vital industries.
Bad weather conditions
Shortages on supplies and fuel
The name of the scientists who brought the German attempts at making atomic weapons to the USA
Albert Einstein and Leo Szilard
List two consequences of high inflation
- Lower levels of consumer spending/confidence
- Increases in interest rates
- Lower international competitiveness
- Decline in purchasing power
Two consequences of high unemployment are
- Lower levels of consumer spending/confidence
- Lower levels of economic growth
- Lower productivity
Why might the TBA increase interest rates?
To try and reduce consumer spending to bring down economic growth in an attempt to reduce inflation
During what stage of the business cycle will investment be high, unemployment low, interest rates high and government spending low?
Peak/Boom
The stock market crash in the late 1920s led to what worldwide economic hardship
Great Depression
Why was the League of Nations ineffective?
The League was ineffective because:
It had no military power to enforce policies
It had no backing from the United States who had played a large role in the previous war
It's members were traditionally larger nations and lacked input from a large portion of Europe
Leaders of Britain
Winston Churchill, Neville Chamberlain.
The aerial invasion of the UK by German planes was called
The Battle of Britain
The downfall of this island nation was a huge blow for the Allies, in particular Britain who has used it as a stronghold for years.
Singapore
The name of the act that gave the government power to enact wartime laws
The National Security Act
The date Germany surrendered WW2
7th of May 1945
The two dates the bombs were dropped
6th and 9th of August 1945
The current inflation rate is
4.6%
Explain two ways the government is impacted by unemployment
- Greater spending on unemployment benefits and welfare
- Reduced income tax revenue
List two consequences of high interest rates
- Higher repayment costs of loans leading to lower consumer spending
- Increase in revenue from some (loan) investments
- Lower economic growth
During what stage of the business cycle would we expect to enter into in the future if inflation is low, interest rates at their lowest, housing sales are rising and consumer confidence is increasing?
Expansion
Which country began to expand it's borders first during the 1930s before the war?
Japan
The name of the laws that Hitler introduced in 1935 that limited non-German rights
Nuremberg Laws
The directions the Germans initially invaded Poland from
South and West
Name 1 Leader of France during WW2
Albert Lebrun, Charles De Gaulle, Philippe Petain
Leaders of the USA
Harry Truman, Franklin Roosevelt
Describe three limits the government placed on work during the war.
Limitations on business opening hours
Restricted and controlled where people could work
Deliberate blackouts
Conscription
After the war, Germany was split in into what two nations by the Berlin Wall?
East and West Germany
Name of the declaration given that promised the 'utter destruction' of Japan.
Potsdam declaration
The term for high inflation and low or negative levels of economic growth
Staglfation
Western Australia's unemployment figures last quarter were different from the rest of the country. In what way were they different?
Lower levels of unemployment
During what stage of the business cycle would we see high levels of government spending, high levels of cyclical unemployment, low interest rates, low levels of investment, low inflation, high levels of insecurity and increasing tax cuts?
Trough
What year did Hitler come to power in Germany?
1933
The group that held power in Germany before Hitler's rise to power
The Wiemar Republic
Poland would become home to these two styles of camps the Nazis would use to contain prisoners.
Concentration and Extermination
The name for the German operation that saw Nazi Germany invade the Soviet Union
Operation Barbarossa
The name for the planned invasion of Japan that was the alternative to the bombs
Operation Downfall
Name 3 Leaders of Australia during WW2
Robert Menzies, Arthur Fadden, John Curtin, Frank Forde, Ben Chiffley
The name of the Operation that included D-Day
Operation Overlord
The name of the convention that the dropping of the bombs violated
Geneva Convention
The highest ever inflation rate was in the:
- Hundreds
- Thousands
- Millions
- Billions
- Trillions
- Quadrillions
- Pentillions
Quadrillions - Hungary in 1946 had a 41.6 quadrillion percent inflation rate
The percent of people employed that is considered full employment
95%