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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Banks became owned by the government.
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There were term limits placed on the President.
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The federal government grew and tried to prevent future depressions.
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Millions of Americans volunteered for World War II to escape poverty.
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Detailed explanation-1: -The Great Depression of 1929 devastated the U.S. economy. A third of all banks failed. 1 Unemployment rose to 25%, and homelessness increased. 2 Housing prices plummeted, international trade collapsed, and deflation soared.
Detailed explanation-2: -In response to the Great Depression, Congress approved President Franklin Roosevelt’s New Deal, which provided $41.7 billion in funding for domestic programs like work relief for unemployed workers.
Detailed explanation-3: -It was marked by steep declines in industrial production and in prices (deflation), mass unemployment, banking panics, and sharp increases in rates of poverty and homelessness.
Detailed explanation-4: -The Great Depression was not a failure of capitalism or of markets, but rather a result of misguided government policies-specifically, the Federal Reserve allowing the money stock to collapse as panics engulfed the banking system.