Do You Know The History Of America's Great Depression?
-
Throughout 1931, American real wage rates were sharply _________.
Due to the fall down of the banking system in the United States, every citizen suffered the consequences of the Great Depression. It began in 1929 when the whole U. S. Economy went into recession. There was a rise in unemployment, poverty, low income and deflation. This quiz has been created to test your knowledge about the history of See moreAmerica's Great Depression. Learn and try to score more. So, let's try out the quiz. Good Luck!
Quiz Preview
- 2.
What did many politicians and economists find surprising about 1931?
-
They expected a Communist revolution.
-
They expected an economic recovery.
-
They expected a deeper contraction.
-
They expected imports to exceed exports.
Correct Answer
A. They expected an economic recovery.Explanation
Many politicians and economists found it surprising that there was no economic recovery in 1931. This suggests that they had anticipated and hoped for an improvement in the economic conditions during that time. However, the lack of recovery may have been unexpected and disappointing to them.Rate this question:
-
- 3.
How much did Federal spending increase in 1931?
-
It didn't increase.
-
5 percent.
-
17 percent.
-
42 percent.
Correct Answer
A. 42 percent.Explanation
In 1931, Federal spending increased by 42 percent. This means that the amount of money spent by the government during that year was 42 percent higher than the previous year. This significant increase in spending could have been due to various factors such as economic policies, government initiatives, or external factors that required additional funding.Rate this question:
-
- 4.
Who refused to support the president of General Electric's plan for the compulsory cartellization of American business because it was too fascist?
-
Henry Harriman
-
Herbert Hoover
-
Bernard Baruch
-
Franklin Roosevelt
Correct Answer
A. Herbert HooverExplanation
Herbert Hoover refused to support the president of General Electric's plan for the compulsory cartellization of American business because it was too fascist.Rate this question:
-
- 5.
How high were the Federal Reserve's interest rates when it put its so-called "tight money" policy into effect at the end of 1931?
-
1.5 percent
-
3.5 percent
-
7 percent
-
17 percent
Correct Answer
A. 3.5 percentExplanation
The correct answer is 3.5 percent. This means that when the Federal Reserve implemented its "tight money" policy at the end of 1931, the interest rates were set at 3.5 percent. This policy aimed to reduce the money supply and increase interest rates in order to combat inflation and stabilize the economy. By raising interest rates, the Federal Reserve intended to discourage borrowing and spending, which would help control inflation and promote economic stability.Rate this question:
-
- 6.
What two nations declared a customs union in 1931?
-
Austria and Germany
-
France and Germany
-
England and France
-
England and the United States
Correct Answer
A. Austria and GermanyExplanation
Austria and Germany declared a customs union in 1931. This means that they agreed to eliminate trade barriers and tariffs between their countries, allowing for the free movement of goods and services. This would have facilitated economic cooperation and integration between the two nations, potentially benefiting both economies.Rate this question:
-
- 7.
The American production of what type of goods fell 50 percent from 1929 to 1931?
-
Consumer
-
Producer
-
Retail
-
Imports
Correct Answer
A. ProducerExplanation
During the Great Depression, the American economy suffered a significant decline, leading to a decrease in consumer spending. As a result, the production of goods by American producers also declined by 50 percent from 1929 to 1931. This can be attributed to the decrease in demand for goods, as consumers were unable to afford or prioritize non-essential purchases during this period of economic hardship. Therefore, the correct answer is "Producer."Rate this question:
-
- 8.
What U.S. state ordered the shutdown of the oil industry and called out the National Guard to enforce MINIMUM oil prices?
-
Texas
-
California
-
Oklahoma
-
Kansas
Correct Answer
A. OklahomaExplanation
Oklahoma is the correct answer because it is the U.S. state that ordered the shutdown of the oil industry and called out the National Guard to enforce minimum oil prices. This suggests that Oklahoma took decisive action to regulate the oil industry and ensure stable prices.Rate this question:
-
- 9.
Which European country was the first to declare national bankruptcy by going off the gold standard?
-
Austria
-
England
-
France
-
Germany
Correct Answer
A. AustriaExplanation
Austria was the first European country to declare national bankruptcy by going off the gold standard. This means that Austria was unable to fulfill its financial obligations and was unable to maintain the value of its currency in relation to gold. Going off the gold standard is a significant event as it indicates a country's inability to stabilize its economy and manage its finances effectively.Rate this question:
-
- 10.
What was Bank of England's highest interest rate throughout 1931?
-
2 percent
-
4.5 percent
-
6.5 percent
-
17 percent
Correct Answer
A. 4.5 percentExplanation
In 1931, the Bank of England's highest interest rate was 4.5 percent. This means that during that year, the bank offered a maximum interest rate of 4.5 percent on loans or savings. This rate was higher than 2 percent and 6.5 percent but lower than 17 percent, making it the correct answer.Rate this question:
-
Quiz Review Timeline (Updated): Jul 19, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Jul 19, 2024Quiz Edited by
ProProfs Editorial Team -
Jan 10, 2009Quiz Created by
Voxday
Back to top