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Chapter 14
20/21st - Davis - SVHS - The Great Depression
| Question | Answer |
|---|---|
| An arrangement in which consumers agreed to buy now and pay later for purchases. | credit |
| Paying a small percentage of a stock's price as a down payment and borrowing the rest. | margin |
| Little towns consisting of shacks. | shantytown |
| The results of overexhausting the land through overproduction of crops mixed with a drought in the Great Plains. | Dust Bowl |
| WWI vets and their families arrived in Washington D.C. to support a bill paying them immediately for uncompensated services during wartime. | Bonus Army |
| Drifters, mostly teenagers, who traveled the country looking for work and food via rail cars. | hoboes |
| The industry that suffered the most during the Great Depression. | Agriculture |
| Buying stocks & bonds hoping for a quick profit. | speculation |
| The total output of a nation’s goods & services. | Gross National Product |
| What homeless people called the newspapers they wrapped themselves with . | Hoover Blankets |
| For what reasons during the late 1920's were American consumers buying less? | Rising prices, stagnant wages and overbuying on credit |
| During the early 1930's the gap between rich and poor widened with the wealthiest 1% seeing a ____ % increase in income. | 75% |
| While the wealthiest 1% of the country saw an increase in their income, the rest of the population saw an increase of only ____% | 9% |
| The ____________ had become the most visible symbol of a prosperous American economy during the 1920's. | Stock Market |
| What was the barometer of the Stock Market’s worth which was based on 30 large firms? | The Dow Jones |
| By 1929 how many Americans owned stocks? | 4 million |
| What caused the Stock Market to Crash on Tuesday October 24, 1929? (Black Tuesday) | 16.4 million shares were sold that day causing prices plummet |
| After the crash, many Americans panicked and withdrew their money from banks causing 600 banks to fail in 1929 alone. How many of the 25,000 nationwide banks had collapsed by 1933? | 11,000 |
| By 1933 90,000 businesses went bankrupt and unemployment had risen from 3% in 1929 to ____% | 25% |
| The U.S. was not the only country effected, during the Great Depression world trade had fallen ____% | 40% |
| During the early 1930's there wasn't any direct relief provided by the federal government. Instead the most common form of aid provided to those in need by local organizations in urban areas were _________. | bread lines and soup kitchens |
| Unemployment was the highest and wages was the lowest among who? | minorities (African Americans & Mexicans) |
| While the Depression was difficult for everyone, what was one advantage that farmers did have? | they could grow food for their families |
| Many farmers who did lose their land turned to ___________ to scrape by. | tenant farming |
| What were the hardest hit regions during the Dust Bowl? | Kansas, Oklahoma, Texas, New Mexico, and Colorado |
| After the Stock Market crash Hoover recommended business as usual and believed the best thing was to do nothing and allow the economy to fix itself. What was his quote about the economy? | “Any lack of confidence in the economic future . . . Is foolish” |
| Empty pockets turned inside out were known as what? | Hoover Flags |
| What were two measures Hoover finally enacted to protect people’s homes and businesses? Even though it was a little too late. | Federal Home Loan Bank Act and Reconstruction Finance Corp |
| What Bill that would have authorized Congress to pay a bonus to WWI vets ($500) immediately brought thousands of WWI vets to D.C.? | the Patman Bill |
| How did Hoover feel about the Bonus Army marchers who came to D.C.? | he called them “Communists and Criminals” |
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