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Questions and Answers
What was the estimated percentage drop in worldwide GDP during the Great Depression?
What was the estimated percentage drop in worldwide GDP during the Great Depression?
15%
How high did unemployment rise in the U.S. during the Great Depression?
How high did unemployment rise in the U.S. during the Great Depression?
23%
What was the impact of the Great Depression on international trade?
What was the impact of the Great Depression on international trade?
International trade decreased by more than 50%.
By what percentage did crop prices decrease during the Great Depression?
By what percentage did crop prices decrease during the Great Depression?
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Which sectors were particularly hard hit by the Great Depression?
Which sectors were particularly hard hit by the Great Depression?
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Study Notes
The Great Depression (1929-1932)
- Worldwide GDP fell by an estimated 15% between 1929 and 1932.
- In contrast, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession.
Economic Impacts
- Some economies started recovering by the mid-1930s.
- However, negative effects of the Great Depression lingered until the start of World War II in many countries.
- Devastating effects were seen in both rich and poor countries.
- Personal income, prices, tax revenues, profits, and prices fell.
- International trade decreased by more than 50%.
- Unemployment in the US rose to 23%, and in some countries hit as high as 33%.
Societal Impacts
- Cities heavily reliant on heavy industry were particularly hard hit.
- Construction almost ceased in many countries.
- Rural communities and farming areas suffered significantly as crop prices fell by about 60%.
- Areas dependent on primary sector industries experienced the most severe impacts due to plummeting demand and a lack of alternative job opportunities.
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Description
Explore the economic and societal impacts of the Great Depression from 1929 to 1932. Understand how worldwide GDP plummeted and the severe consequences faced by various countries. This quiz delves into the hardships experienced in industries, trade, and communities during this critical period.
