THE GREAT DEPRESSION 1929 1940
PRESIDENT HERBERT HOOVER AND THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Cut the workers’ wages
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Cut production and lay off workers
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Raise the price of the product
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Ask the federal government for a “bailout”
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Detailed explanation-1: -In 1914, Henry Ford took the radical step of paying workers $5 per day for a 40-hour work week; he called this compensation “profit-sharing.” Ford’s turnover problem disappeared.
Detailed explanation-2: -In average years, Ford gave away about 33 percent of his income. By way of comparison, most people in his tax bracket gave away 5 percent. What Ford himself considered to be the most genuine philanthropy were small gifts to individuals, of which he gave many.
Detailed explanation-3: -In January 1914, Henry Ford started paying his auto workers a remarkable $5 a day. Doubling the average wage helped ensure a stable workforce and likely boosted sales since the workers could now afford to buy the cars they were making.
Detailed explanation-4: -Henry Ford famously remarked that the use of the moving assembly line allowed for the work to be taken to workers rather than the worker moving to and around the vehicle.