THE GREAT DEPRESSION 1929 1940
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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They used money they made from their job at a factory.
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They borrowed money from a bank or bought things on credit.
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They asked family and friends to give them money.
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They grew wheat and sold it to countries in Europe.
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Detailed explanation-1: -Four definable institutions created the money in use during the 1920s: the gold standard, the U.S. Treasury, the Federal Reserve System of 12 regional banks and the Federal Reserve Board in Washington, and the commercial banking system of 20, 000-odd banks.
Detailed explanation-2: -Consumption in the 1920s The expansion of credit in the 1920s allowed for the sale of more consumer goods and put automobiles within reach of average Americans. Now individuals who could not afford to purchase a car at full price could pay for that car over time–with interest, of course!
Detailed explanation-3: -During the 1920s, many Americans had extra money to spend-and spend it they did, on movies, fashion and consumer goods such as ready-to-wear clothing and home appliances like electric refrigerators. In particular, they bought radios.
Detailed explanation-4: -Why Are the 1920s Known as the “Roaring Twenties"? U.S. prosperity soared as the manufacturing of consumer goods increased. Washing machines, vacuum cleaners, and refrigerators became everyday household items.