Hoover's original solution to the econ was rugged individualism which was the belief that

people can succeed on their own &gov help should be minimal

As a result of the market crash, which was caused by ________, banks failed in 1929 and 1930.

loans defaulted & banks had also invested in the market

The Dust Bowl, which caused farmers on the to lose their crop was caused by

drought that turned land into dust that blew across 100s mi

In 1932 Hoover asked Congress to set up the Reconstruction Finance Corporation to allow

the gov make loans to businesses

How did the economic collapse of 1929 and 1930 affect the average American worker?

By early 1933, more than 1/4 of the workforce was unemployed

Hoover didn't want the gov to create as many new jobs as the unemployed needed because doing so

would increased government spending

Before the Depression, people began buying on margin, which means...

they were buying stocks w/ little $ down, mostly borrowed

What was a flaw in the Reconstruction Finance Corporation, that was created by Hoover in 1932?

it spent too much $ & wound up borrowing $

At the time of the stock market crash, the gov did not insure bank deposits, so....

customers lost their savings if a bank collapsed

Stock prices first began to decline in late 1929 because

investors started selling their stock

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HUSH Review: The Great Depression

14 termsStudBud Administration38 plays

The Great Depression begins

Flashcards14 cardsFPractice quizPHost liveL

Questions 14

Answers

1
During the Great Depression, charities set up ______ to give poor people meals.
dust bowls
public works
soup kitchens
communities
2
One of the effects of the Great Depression was Hoovervilles, what were these?
communities of shacks
skyrises of tenements
campgrounds
new suburban communities
3
Hoover's original solution to the econ was rugged individualism which was the belief that
direct relief to those suffering would be best
gov handouts would have a lasting positive impact
people can succeed on their own &gov help should be minimal
those struggling were born there &should remain
4
As a result of the market crash, which was caused by ________, banks failed in 1929 and 1930.
people began to keep $ in their houses& refused to use banks
loans defaulted & banks had also invested in the market
banks employed most of the brokers who had sold on margin
the government, fearing, shut down as many banks as possible
5
Economic roots leading to the Depression were missteps by the Fed Reserve, overproduction and
prohibition of alcohol
the Federal Reserve no longer controlling banks
unequal distribution of wealth
women's suffrage
6
The Dust Bowl, which caused farmers on the to lose their crop was caused by
series of tornadoes across the Great Plains destroyed crops
Farmers planted too much wheat & had to burn the surplus
Farmers cultivated the land in order to help retain moisture
drought that turned land into dust that blew across 100s mi
7
In 1932 Hoover asked Congress to set up the Reconstruction Finance Corporation to allow
the gov make loans to businesses
the gov expand the money supply
the gov create jobs in the public works
the gov provide relief to the unemployed
8
How did the economic collapse of 1929 and 1930 affect the average American worker?
Unions began to gain more control
By early 1933, more than 1/4 of the workforce was unemployed
Wages remained stagnant
Competition for jobs increased due to a rise in immigration
9
Hoover didn't want the gov to create as many new jobs as the unemployed needed because doing so
would result int much lower unemployment
would require reform of federal taxes
would increase government regulation
would increased government spending
10
Before the Depression, people began buying on margin, which means...
they were buying stocks without a broker
buying stocks without any risk
they were buying stocks w/ little $ down, mostly borrowed
they were buying stocks by pooling $ with others
11
What was a flaw in the Reconstruction Finance Corporation, that was created by Hoover in 1932?
it was too cautious &did not meet the demands of the economy
it failed to foresee a 2nd stock market crash
it spent too much $ & wound up borrowing $
it did not regulate how businesses could spend the money
12
At the time of the stock market crash, the gov did not insure bank deposits, so....
banks had to make money by making loans and investing
customers turned to their stockbrokers for help
banks kept only a fraction of depositors’ money in reserve
customers lost their savings if a bank collapsed
13
The stock market took its steepest dive on October 29, 1929, the day that is now known as
Black Tuesday
Black Thursday
Black Friday
Red Thursday
14
Stock prices first began to decline in late 1929 because
investors started selling their stock
several companies went bankrupt
stockbrokers stopped on margin loans
company earnings declined

HUSH Review: The Great Depression Flashcards | StudBud