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Questions and Answers
What was a contributing factor to the Great Depression?
What was a contributing factor to the Great Depression?
- Rapid and reckless expansion of the U.S. stock market (correct)
- Increased consumer savings
- Rapid industrial production
- Strong global economic growth
What event triggered a crisis in the international economy?
What event triggered a crisis in the international economy?
- Stock market crash of 1929 (correct)
- Rise in unemployment
- Bank failures of 1930
- Dust Bowl
What was a consequence of the Great Depression?
What was a consequence of the Great Depression?
- Reduced farm foreclosures
- Rise in unemployment to 20 percent (correct)
- Increased consumer demand
- Strong economic growth
What was a characteristic of the international economy during the Great Depression?
What was a characteristic of the international economy during the Great Depression?
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What occurred in 1930 following the stock market crash?
What occurred in 1930 following the stock market crash?
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Study Notes
The Great Depression
- The Great Depression was the worst economic crisis in modern history, lasting from 1929 to 1939.
- It was caused by slowing consumer demand, mounting consumer debt, decreased industrial production, and the rapid and reckless expansion of the U.S. stock market.
- The stock market crash in October 1929 triggered a crisis in the international economy, linked via the gold standard.
- A rash of bank failures occurred in 1930, exacerbating the economic crisis.
Consequences of the Great Depression
- Farm foreclosures increased due to the Dust Bowl, further worsening the economic situation.
- Unemployment soared to over 20% by 1933, highlighting the severity of the crisis.
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