The Great Depression Overview
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Questions and Answers

What is the term used to describe the cyclical nature of the economy, with periods of success and failure?

  • Economic crisis
  • Market fluctuations
  • Economic instability
  • Boom-and-bust cycle (correct)

    • What was the main cause of the stock market crash on 'Black Tuesday' in 1929?

  • Decreased international trade
  • High unemployment rates
  • Bank failures and loss of savings
  • Overspeculation in the stock market (correct)

    • What was the main impact of the stock market crash on businesses and people?

  • Reduced business failures and unemployment
  • No significant impact on the economy
  • Increased stock prices and consumer spending
  • Businesses had to lay off workers and prices decreased (correct)

    • What was the impact of the 'Dust Bowl' on the Great Depression?

    <p>It resulted in millions moving from the Great Plains to find economic opportunity in California</p> Signup and view all the answers

    How did President Hoover initially respond to the Great Depression?

    <p>He believed in a laissez-faire approach and took little action</p> Signup and view all the answers

    What was the Reconstruction Finance Corporation created by Hoover intended to do?

    <p>Give loans to businesses and banks to stimulate the economy</p> Signup and view all the answers

    What were the 'Hoovervilles' mentioned in the text?

    <p>Shacks built by the homeless as a result of the Great Depression</p> Signup and view all the answers

    What approach did Roosevelt take to address the Great Depression?

    <p>He saw it as his responsibility to actively intervene and get the economy back on track.</p> Signup and view all the answers

    What was the purpose of Roosevelt's 'fireside chats'?

    <p>To encourage and instill confidence in the American people during difficult times.</p> Signup and view all the answers

    What were the three main components of Roosevelt's New Deal plan?

    <p>Relief, Recovery, and Reform</p> Signup and view all the answers

    What was the purpose of the Federal Deposit Insurance Corporation (FDIC) established under the New Deal?

    <p>To guarantee the safety of bank deposits, even if a bank failed.</p> Signup and view all the answers

    How did the Federal Reserve's monetary policy aim to combat the Great Depression?

    <p>By lowering interest rates to increase the money supply and encourage spending.</p> Signup and view all the answers

    What did Roosevelt encourage Americans to rely on instead of the gold standard?

    <p>Fiat money (paper currency)</p> Signup and view all the answers

    Which of the following was NOT a proposed solution to the Great Depression by opponents of the New Deal?

    <p>Implementing a universal basic income for all citizens.</p> Signup and view all the answers

    What did the Supreme Court rule regarding some of Roosevelt's New Deal legislation?

    <p>That it was unconstitutional for violating states' rights under the 10th Amendment.</p> Signup and view all the answers

    What amendment was passed after Roosevelt's fourth term to limit the presidency?

    <p>The 22nd Amendment</p> Signup and view all the answers

    How did the Great Depression impact the role of the federal government in the long term?

    <p>The federal government's role in the economy was expanded to try to prevent future crises.</p> Signup and view all the answers

    What was the primary goal of Roosevelt's New Deal plan?

    <p>To end the Great Depression and improve the lives of citizens</p> Signup and view all the answers

    What was the purpose of Roosevelt's 'fireside chats' on the radio?

    <p>To encourage and instill confidence in the American people</p> Signup and view all the answers

    What was the role of the Federal Deposit Insurance Corporation (FDIC) established under the New Deal?

    <p>To guarantee the safety of money deposits in banks</p> Signup and view all the answers

    What was the purpose of the Securities and Exchange Commission (SEC) created under the New Deal?

    <p>To prevent fraud and ensure transparency in the stock market</p> Signup and view all the answers

    What was the primary goal of the Social Security Act enacted under the New Deal?

    <p>To provide financial assistance to the elderly and disabled</p> Signup and view all the answers

    How did the Federal Reserve's monetary policy aim to combat the Great Depression?

    <p>By lowering interest rates to increase the money supply and stimulate spending</p> Signup and view all the answers

    What did Roosevelt encourage Americans to rely on instead of the gold standard?

    <p>Fiat money (paper currency)</p> Signup and view all the answers

    What was the main criticism of the Supreme Court regarding some of Roosevelt's New Deal legislation?

    <p>That it violated the rights given to states in the 10th Amendment of the Constitution</p> Signup and view all the answers

    What was Roosevelt's proposed solution to address the Supreme Court's rulings against his New Deal legislation?

    <p>To appoint new justices to the Supreme Court to ensure his laws would not be overturned</p> Signup and view all the answers

    What was the lasting impact of the Great Depression on American politics and society?

    <p>It left a lasting mark, with the federal government growing in power by exercising policies to try and get the American economy back on its feet</p> Signup and view all the answers

    What was the primary cause of the stock market crash on 'Black Tuesday' in 1929?

    <p>Overspeculation in the stock market</p> Signup and view all the answers

    How did the Great Depression impact employment in the United States?

    <p>Unemployment skyrocketed as businesses had to lay off workers</p> Signup and view all the answers

    What was the initial response of President Hoover to the Great Depression?

    <p>Hoover believed in a laisses-faire economy and took little initial action</p> Signup and view all the answers

    What was the impact of the 'Dust Bowl' on the Great Depression?

    <p>It caused a severe drought, forcing millions to migrate to California</p> Signup and view all the answers

    How did the Great Depression impact the role of the federal government in the long term?

    <p>It resulted in the federal government taking on a more active role in the economy</p> Signup and view all the answers

    What was the purpose of the Reconstruction Finance Corporation created by Hoover?

    <p>To provide loans to businesses and banks to help them weather the economic crisis</p> Signup and view all the answers

    What was the main impact of the stock market crash on businesses and people?

    <p>Businesses and people lost vast amounts of money, with less buying power</p> Signup and view all the answers

    What was the term used to describe the cyclical nature of the economy, with periods of success and failure?

    <p>The 'boom-and-bust cycle'</p> Signup and view all the answers

    How did the Smoot-Hawley Tariff contribute to the Great Depression?

    <p>It resulted in decreased international trade and economic activity</p> Signup and view all the answers

    What were the 'Hoovervilles' mentioned in the text?

    <p>Shacks built by the homeless during the Great Depression</p> Signup and view all the answers

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