1. Xmas quiz-Impact of depression Flashcards
1
Q
- Which group of people lost the most money and which group lost everything straight away?
A
- Most money: The wealthy class, especially stockholders, lost huge amounts due to the stock market crash.
- Lost everything straight away: Working-class families and farmers often lost everything immediately due to widespread unemployment and bankruptcy.
2
Q
- What was the name of the shanty towns that sprang up across America?
A
- Hoovervilles. These were makeshift towns of tents and shacks built by homeless people during the Great Depression.
3
Q
- Which family lost 80% of their wealth?
A
- The Roosevelt family. Franklin D. Roosevelt’s family had investments in stocks that were badly hit by the stock market crash.
4
Q
- What followed as a direct result of the Wall Street Crash (WSC)?
A
- The Great Depression followed, with widespread unemployment, poverty, and economic decline.
5
Q
- How much did farming production fall between 1928 - 1933?
A
- Farming production fell by around 40%.
6
Q
- How many banks had closed by 1933?
A
- Over 9,000 banks closed during the Great Depression.
7
Q
- How much did average wages fall between 1928 – 1933?
A
- Average wages fell by about 60%.
8
Q
- What was the largest bank to fail?
A
- The Bank of the United States, which collapsed in 1931, was the largest bank failure during the Depression.
9
Q
- How many people were unemployed by 1933?
A
- By 1933, about 14 million Americans were unemployed, which was around 25% of the workforce.
10
Q
- What group of society did most migrant families come from (ones that travelled the US looking for work)?
A
- Farmers and agricultural workers, many of whom were displaced by the Dust Bowl or the collapse of agricultural prices.
11
Q
- Which party was Roosevelt the candidate for?
A
- The Democratic Party.
12
Q
- What personal tragedy befell Roosevelt that made many people see him as a true fighter who could be relied on in a crisis?
A
- Roosevelt contracted polio in 1921, which left him paralyzed from the waist down. His perseverance and determination to continue his political career despite this made him seen as a “true fighter.”
13
Q
- Give 2 examples of how Hoover tried to help with the Depression.
A
- The Reconstruction Finance Corporation (RFC): Hoover set up the RFC in 1932 to provide loans to banks, railroads, and other big businesses.
- Public works programs: Hoover increased federal spending on infrastructure projects, such as the construction of the Hoover Dam, to create jobs.
14
Q
- Give 2 reasons why Hoover was seen as a ‘do nothing president’.
A
- Hoover was slow to act in the early years of the Depression and was seen as not doing enough to address the immediate suffering.
- He believed in laissez-faire economics and felt that government intervention should be minimal, which led to criticism that he was not doing enough to help the people.
15
Q
- What happened to the Bonus Army?
A
- The Bonus Army was a group of World War I veterans who marched on Washington in 1932 to demand early payment of their bonuses. Hoover ordered the military to evict them, and many veterans were forcibly removed, with some injured. This damaged Hoover’s reputation.
