Questions and Answers
What was one of the long-term causes of the Great Depression?
Rapid industrialization and technological advancements
What contributed to economic instability during the 1920s?
Overproduction and falling prices
What led to a surplus of goods in industries before the Great Depression?
Overproduction
What was a consequence of the Smoot-Hawley Tariff of 1930?
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What caused the banking sector to face instability before the Great Depression?
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Which factor contributed most significantly to the economic instability during the 1920s?
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What was the primary cause of the collapse of the financial system before the Great Depression?
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What was the main consequence of the Smoot-Hawley Tariff of 1930?
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Which long-term factor widened the gap between the rich and the poor during the 1920s?
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What led to a surplus of goods in industries before the Great Depression?
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Study Notes
Causes of the Great Depression
- One of the long-term causes of the Great Depression was a significant gap between the rich and the poor during the 1920s, leading to reduced purchasing power among the masses.
Economic Instability in the 1920s
- Overproduction and underconsumption contributed to economic instability during the 1920s, leading to a surplus of goods in industries before the Great Depression.
Smoot-Hawley Tariff Consequences
- The Smoot-Hawley Tariff of 1930 led to retaliatory measures from other countries, reducing international trade and exacerbating economic instability.
Banking Sector Instability
- Weak banking regulations and inadequate supervision caused the banking sector to face instability before the Great Depression.
Primary Causes of Economic Instability
- The primary cause of economic instability during the 1920s was the unequal distribution of wealth, leading to reduced purchasing power and underconsumption.
Collapse of the Financial System
- The primary cause of the collapse of the financial system before the Great Depression was the combination of overproduction, underconsumption, and inadequate banking regulations.
Main Consequences of Smoot-Hawley Tariff
- The main consequence of the Smoot-Hawley Tariff of 1930 was a significant decline in international trade, leading to a cascade of economic problems.
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