Herbert Hoover and the Farming Crisis Quiz

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What was the impact of foreign competition on the American economy in 1932?

Resulted in the establishment of the Reconstruction Finance Corporation

Increased the export opportunities for American goods

Boosted industrial stock prices by 80%

Led to a decrease in overseas trade by 66% (correct)

What was the purpose of the Reconstruction Finance Corporation (RFC)?

Creating construction projects to provide jobs

Making loans to banks and corporations to restore credit (correct)

Providing bonuses to WWI veterans

Establishing homeless camps for the unemployed

What was the outcome of the Bonus March that took place in 1932?

The veterans peacefully protested without any interference

The army dispersed the marchers, resulting in one death and injuries (correct)

Hoover resigned as President

The veterans successfully received their early bonus payments

How did President Hoover respond to Japanese Aggression after seizing Manchuria?

He implemented the Hoover-Stimson Doctrine Signup and view all the answers

What led to over 10,000 banks failing in 1932 according to the text?

Loss of consumer trust in banks Signup and view all the answers

What was the main objective of the Federal Home Loan Bank established in 1932?

Offering loans for home mortgages Signup and view all the answers

What was the first act Herbert Hoover took to address the farming crisis during the Great Depression?

Established a Federal Farm Board with $500 million Signup and view all the answers

What was one of the major causes of the Great Depression related to farming?

Overproduction of goods Signup and view all the answers

How did the unequal distribution of wealth contribute to the Great Depression?

80% of Americans had no savings, while top 0.1% had a combined income equal to the bottom 42% Signup and view all the answers

Why was overproduction in industry a problem during the Great Depression?

Wages were not rising fast enough to keep up with the massive product output Signup and view all the answers

What did Herbert Hoover believe about government intervention during economic depressions?

He believed economic depressions could not be cured by government intervention Signup and view all the answers

What legislation was passed to protect U.S. interests but ended up exacerbating the effects of the Great Depression?

'Smoot-Hawley Tariff' Signup and view all the answers

What was the first act Herbert Hoover implemented to address the farming crisis during the Great Depression?

Agricultural Marketing Act of 1929 Signup and view all the answers

What was one of the major causes of the Great Depression related to stock market activities?

Overspeculation Signup and view all the answers

Why did many banks face closure during the Great Depression?

Banks invested heavily in farms Signup and view all the answers

What was a consequence of overproduction in industry during the Great Depression?

High tariffs hindering overseas sales Signup and view all the answers

Why did Herbert Hoover believe economic depression could not be cured by government intervention?

He believed in the power of free-market forces Signup and view all the answers

What was the purpose of the Smoot-Hawley Tariff passed during the Great Depression?

Protect U.S. industries from foreign competition Signup and view all the answers

What was the impact of new tariffs from other nations as a response to American tariffs during the 1932 depression?

Resulted in a decrease in overseas trade Signup and view all the answers

What was the purpose of the Reconstruction Finance Corporation (RFC) established in 1932?

Making loans to banks, insurance companies, and industrial corporations to restore credit Signup and view all the answers

What were 'Hoovervilles' during the 1932 depression?

Tent cities set up by homeless individuals Signup and view all the answers

What was the main reason behind the Bonus March that took place between May and July 1932?

Demanding early bonus payments for service in World War I Signup and view all the answers

What impact did Japanese aggression, particularly seizing Manchuria, have on US foreign policy during Hoover's administration?

Resulted in the Hoover-Stimson Doctrine Signup and view all the answers

'One person died and some people were injured leading to much criticism on President Hoover although the general did not follw his ordeer.' Which event is being referred to in this statement?

The Bonus March protest by WWI veterans Signup and view all the answers