THE ROARING 20S 1920 1929
AMERICAN ECONOMY IN THE 1920S
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
The official end of World War I, otherwise known as the Great War
|
|
|
Turning point between a time of economic growth and economic decline
|
|
|
Expansion in the role of the government in the local elections
|
|
|
The temperance movement results in the passage of the 18th Amendment
|
Detailed explanation-1: -On October 29, 1929, the stock market crashed, triggering the worst depression in United States history, lasting about a decade.
Detailed explanation-2: -Stock market crash of 1929. The failure of banks, which was the impact of the stock market crash as more people withdrew their savings from the banks leading to closure. Reduction in purchases due to diminished savings. The passing of Smoot-Hawley Tariff or the Tariff Act of 1930, imposed high taxes on imported goods.
Detailed explanation-3: -(1) The stock market crash of 1929 shattered confidence in the American economy, resulting in sharp reductions in spending and investment. (2) Banking panics in the early 1930s caused many banks to fail, decreasing the pool of money available for loans.
Detailed explanation-4: -The U.S. economy shrank by a third from the beginning of the Great Depression to the bottom four years later. 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%.