American History: The Great Depression

Question 1

What illness did FDR have which meant he needed assistance to walk?

Answer 1

Polio and so is often pictures standing next to his son for support

Question 2

when did the depression occur?

Answer 2

1929-1939

Question 3

When was the stock market crash?

Answer 3

1929

Question 4

what did the drop in consumer spending and investment cause?

Answer 4

caused steep declines in industrial output and rising levels of unemployment

Question 5

in 1933, at the peak of the depression how many were unemployed?

Answer 5

13 - 15 million people unemployed

Question 6

On October 24th 1929, how many stock shares were traded?

Answer 6

a record breaking 12.9 million shares traded that day

Question 7

what is October 24th 1929 known as?

Answer 7

“Black Thursday”

Question 8

what happened on October 30th 1929?

Answer 8

16 million shares were traded after another wave of fear hit Wall Street

Question 9

What is the 30th October 1929 known as?

Answer 9

“Black Tuesday”

Question 10

what helped spread the Depression from the USA to around the world?

Answer 10

The fixed currency exchange

Question 11

In 1930 how many Americans couldn’t find work?

Answer 11

4 million

Question 12

What is Voluntarism?

Answer 12

The theory that the economy will right itself

Question 13

What did Hoover believe would happen if there was too much state intervention?

Answer 13

President Hoover believed that too much state intervention would destroy individuals and the nation

Question 14

How did Hoover view ‘Federal Relief Program’ ?

Answer 14

He viewed it as ‘private charity’ that would imbalance his budget

Question 15

What did the 1932 Revenue Act do?

Answer 15

it meant falling personal and corporate income

Question 16

What year was the Revenue Act introduced?

Answer 16

1932

Question 17

What year was the Hawley - Smoot tariff Act?

Answer 17

1930

Question 18

What did the 1930 Hawley - Smoot Act do?

Answer 18

It raised import duties to the highest levels in American History

Question 19

What did Hoover specifically propose in 1931 with regard to war?

Answer 19

Hoover proposed a moratorium of its (Germany’s) debts for 18 months as long as other countries did the same

Question 20

What does FFB stand for?

Answer 20

Federal Farm Board

Question 21

When was the Federal Farm Board created?

Answer 21

1930

Question 22

What did the Federal Farm Board unfortunately depend on?

Answer 22

the power of reductions depended on Volunteerism

Question 23

What did the Federal Farm do for Farmers?

Answer 23

Paid them artificially high prices which meant increasing production couldn’t last long term

Question 24

What was ACT in 1929 was the Federal Farm Board part of?

Answer 24

The Agricultural Marketing Act 1929

Question 25

What does RFC stand for?

Answer 25

Reconstruction finance corporation

Question 26

what year was the RFC introduced?

Answer 26

1932

Question 27

Name THREE things the RFC lent money too:

Answer 27

1) Failing Banks 2) Railroads 3) Credit Unions

Question 28

What was the RFC designed to do?

Answer 28

Restored confidence in the financial institutions

Question 29

What was the impact of the RFC?

Answer 29

Only $41 million of the $61 million donated by RFC was loaned...and ONLY to THREE institutions

Question 30

How did the public view Hoover after the introduction of the RFC?

Answer 30

That Hoover was supporting failing concerns rather than supporting relief for ordinary people

Question 31

What did the Home Loan Act do?

Answer 31

It gave loans to building societies to support and prevent them from failing and closing down

Question 32

What percentage of property did the Home Loan Act cover?

Answer 32

50% of property

Question 33

why was the Home Loan Act largely ineffective?

Answer 33

it was largely ineffective due to the seriousness of the situation of the depression

Question 34

In what year was the Emergency Relief & Construction Act introduced?

Answer 34

1932

Question 35

What did the Emergency Relief & Construction Act do?

Answer 35

it empowered the RFC to lend $1.5 billion to state governments for public works

Question 36

What was the problem with the Emergency Relief & Construction Act?

Answer 36

It was an Act based very much on eligibility and conditions (ensuring that the loans would eventually be paid back)

Question 37

How did James M. Beck compare Hoovers Government?

Answer 37

Beck compared it to that of Soviet Russia

Question 38

What happened to the Federal Budget under Hoover?

Answer 38

Hoover (nearly) doubled Federal Budget Public Works Expenditure in THREE years

Question 39

What amount did the Federal Budget end up at in 1932?

Answer 39

ended up at an amount of $2.7 billion in the red-largest peacetime deficit in American History

Question 40

What was the impact of the Federal Relief Budget?

Answer 40

The economy lost even more money while ordinary people still weren't receiving necessary relief from their situation

Question 41

what happened in 1924 to the American Veterans of WWI?

Answer 41

The veterans were awarded $3,500,000 by congress

Question 42

What was done to avoid strain on funds in 1924 payout to Veterans?

Answer 42

The money was to be paid over a 20 year period

Question 43

What was the impact of the Veterans measure?

Answer 43

Veterans were financially supported and it also led to the Veteran Bill' (which mandated the immediate payout of cash payment promised to the Veterans).

Question 44

What was the impact of Volunteerism?

Answer 44

Businesses did not respond due to wage cuts in steel in 1931

Question 45

In 1931 what general wage cuts were announced?

Answer 45

announced wage cuts between 10% - 20%

Question 46

Due to wage cuts, how many workers ended up applying for work in the Soviet Union?

Answer 46

100,000 people applied for work in the Soviet Union

Question 47

What did the Hawley-Smoot Act lead to?

Answer 47

Duties on agricultural and industrial goods at 40%

Question 48

What was another impact of the Hawley-Smoot Act?

Answer 48

Disastrous impact on world trade

Question 49

Due to the Hawley-Smoot Act, how much did international trade fall by?

Answer 49

$500 million

Question 50

What was the impact of repudiating war debts in 1931?

Answer 50

America wasn't receiving the money it needed and so depression continued to remain