Which of the following best represents the impact of the Great Depression on the upper class?

(A) They lost most of their money in the stock market crash.

(B) ** They maintained their wealth, power, and status despite the Depression.

(C) The upper class helped the lower class through the Great Depression.

(D) The upper class created new jobs with better pay and hours for the lower class.


Concept note-1: -Even the affluent faced severe belt-tightening. Even upper-middle class professionals, such as doctors and lawyers, saw their incomes drop by as much as 40 percent. Families who had previously enjoyed economic security suddenly faced financial instability or, in some cases, ruin.

Concept note-2: -Real GDP fell 29% from 1929 to 1933. The unemployment rate reached a peak of 25% in 1933. Consumer prices fell 25%; wholesale prices plummeted 32%. Some 7, 000 banks, nearly a third of the banking system, failed between 1930 and 1933.

Concept note-3: -The stock market crash of 1929. Once prices began their inevitable decline in October 1929, millions of overextended shareholders fell into a panic and rushed to liquidate their holdings, exacerbating the decline and engendering further panic.

Concept note-4: -There was a significant drop in consumer spending and investments that caused a major decline in industrial output and laid off employees from companies. By 1933, the unemployment rate had risen to 25%, and the GDP of the USA contracted to half of its value due to deflation.