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Chapter 14&15 Review
Test Review
| Question | Answer |
|---|---|
| Define Speculation | Bought stocks and bonds on a chance of a quick profit, ignoring risks. |
| Define buying on margin | Paying a small percentage of a stocks price as down payment and borrowing the rest. |
| What was the estimated unemployment rate? | 25% |
| What were the consequences of the passage of the Hawley-Smoot Tariff Act? | Led to significant drop in worldwide trade and increases unemployment in industries based on trade. |
| What are the main causes of the Great Depression? | Crisis on farm sector, tariffs on foreign goods and war debts, the availabilty of easy credit, uneven distribution on income. |
| Which actions by Great Plains farmers helped cause the Dust Bowl? | Farmers plowed up prairie grass, exhaust land through overproduction, and blew soil away. |
| What is direct relief? | giving of money or food by the government directly to the needy people. |
| What were the social and psychological effects of the Great Depression? | Suicide rates rise more admissions to state mental hospitals, put off college, marriage and children |
| What was Hoover's initial response to the Great Depression? What did he believe was governments role in the economic crisis? | He did very little because he believed that the economy would fix itself. He believed the government should not have direct relief but should foster cooperation between competing interests. |
| What were hoboes? | wandered the country, hitching rides on railroad boxcars and sleeping under bridges. |
| What were Hoovervilles? | Poor areas that were named after Hoover-Shantytowns |
| Why did the government pass the Federal Home Loan Bank Act? | Avoid foreclosure |
| What was the Bonus Army? What was its effect on the election of 1932. | After Hoover faced them to disband, his reelcection chance diminished. |
| What was the "bank holiday" called by Roosevelt? | First tep in restoring public confidence in banks- closed banks the day after office to prevent further withdrawls. |
| What was the AAA? What was its chief goals? | Agricultural Adjustment Act- Lowered production |
| What was the CCC? Ojbectives? | Civilian Conservation Corps- His way of taking care of environment while young men took public jobs such as building roads, planting trees, etc. |
| What was the purpose of the Federal Emergency Relief Act? | Direct relief for the needy to help furnish food and clothing to the unemployed, the aged and the ill. |
| How did most New Deal legislation fare when challeged in courts? | Most New Deal legislation was successful, but the NIRA and the AAA was declared unconstitutional by the Supreme Court. |
| What was the purpose of the WPA? | Created many jobs as quickly as possible. |
| Who was Frances Perkins? | first female cabinet member |
| What was the Social Security Act? Significance? Long-Term effect? | Most important acheivement of New Deal. |
| How did the government attempt to help farmers? Why were famers encouraged to lower farm surpluses? | Passed legislature geared farm relief. Worked toward boosting farm prices and farmer income by encouraging farmers to decrease farm surpluses and save loans to help farmers avoid foreclosure. |
| What effect did the New deal have on the economy? | Didnt end the Great Depression. |
Created by:
kk_taki2
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