American economic prosperity in the 1920s was driven by the automobile industry which of the statements describe the automobile industry in the 1920s?

Question: American economic prosperity in the 1920s was driven by the automobile industry which of the statements describe the automobile industry in the 1920s?

The automobile industry in the 1920s was a significant driver of American economic prosperity. This era saw the mass production of automobiles, notably by Henry Ford's Model T, which made cars affordable to the middle class. Innovations in manufacturing, such as the assembly line, allowed for rapid production and reduced costs. The industry's growth was so substantial that by 1925, over 10% of the American workforce was involved in some aspect of automobile production, sales, service, or fueling. The introduction of credit purchasing by General Motors Acceptance Corporation (GMAC) in 1919 revolutionized how cars were bought, leading to 75% of car buyers using credit by 1926. Marketing strategies evolved, with manufacturers promoting new models as symbols of social status and personal identity, which spurred consumer demand and introduced the concept of planned obsolescence. Consequently, the number of cars on the road surged from 8 million to 23 million from 1918 to 1929, reflecting the automobile's central role in American life and the economy.

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