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Chapter 14 Section 1
The Nation's Sick Economy
| Question | Answer |
|---|---|
| What were a few slippages of the economy at the end of the 1920s? | industries struggles and farmers were overproducing. People were falling into debt. |
| What things contributed to the fall of many industries? | Housing sales dropped, causing furnituremakers and homebuilders to lose jobs. Coal and railroads were being replaced by natural gas and automobiles |
| Why did the farming industry fail? | Farmers were producing and selling a ton in WWI, however demand for crops went down after the war. Despite this farmers continued producing a lot, driving themselves into depression |
| What were price supports? | The government would buy excess crops from farmers who couldnt sell it. Coolidge was against this saying farmers had always been poor and there was nothing that could be done about it |
| What were a few causes of the bad economy? | uneven wage distribution (managers get paid a lot more than workers) paying for things is credit with no money down drove people into debt. |
| Who were the candidates in the election of 1928? | Herbert Hoover, a quiet Republican who promised to end poverty and Alfred Smith a charismatic democrat. Hoover won, the nation was happy with the GOP administration |
| What is the DOW jones industrial average? | average of stock prices of 30 representative firms in New York, its a snapshot of the stock market as a whole |
| What is speculation? | Investing in stocks in hopes of quick rewards without weighing the consequences |
| What is buying on margin? | Buying a portion of a stock, then borrowing the rest. |
| What was Black Tuesday? | 9/29/29 the stock market fell and stockholders dropped about 16 million stocks. Some people lost all of their savings. |
| Why did banks fail in the Great Depression? | They had invested people's savings in the stock market and could not return money to people who had deposited it. |
| What was the main problem during the Great Depression | The unemployment rate was at 25% and those who were employed saw lower wages and reduced hours |
| Why was the Great Depression worldwide? | People didnt have money to buy imported goods so America and Europe couldnt sell things. |
| What was the Hawley-Smoot Tariff Act? | It was the highest protective tariff in American History. It was meant to protect US industry but it destroyed it. |
| What were the four main causes of the Great Depression? | Tariffs and war debts that cut off the foreign market from American goods. A crisis in the farm sector. the availability of easy credit. unequal distribution of income. |
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KoriLeigh
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