America's Great Depression Chapter 11

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  • 1/9 Questions

    What is the great similarity between the initial actions of Hoover's RFC and Bush's TARP?

    • Both organizations refused to disclose their loan actitivies.
    • Both organizations were instrumental in ending the economic crisis.
    • Both organizations used the money to acquire auto manufacturers.
    • Both organizations refused to make loans to banks.
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About This Quiz

This is a 10-question quiz on Chapter 11: The Hoover New Deal of 1932 of America's Great Depression byMurrayRothbard.

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  • 2. 

    What was considered the most important part of Herbert Hoover's 9-point plan for economic recovery?

    • Establishing the Public Works Administration to coordinate and expand Federal public works.

    • Establishing the Reconstruction Finance Corporation to lend to banks, industries, and credit agencies.

    • Direct loans of $300 million to the States.

    • Bankruptcy law reform.

    Correct Answer
    A. Establishing the Reconstruction Finance Corporation to lend to banks, industries, and credit agencies.
  • 3. 

    What tax did Hoover describe as "one of the most economically and socially desirable—or even necessary of all taxes.”

    • The personal income tax.

    • The corporate income tax.

    • The estate tax.

    • The manufacturer's sales tax.

    Correct Answer
    A. The estate tax.
  • 4. 

    What does Rothbard suggest caused the brief economic upturn during the summer of 1932?

    • The emergency RFC loans to the railroads.

    • A 14 percent decline in the money supply.

    • The Federal Reserve's purchase of government securities.

    • The increase in commercial loans made by the banks.

    Correct Answer
    A. A 14 percent decline in the money supply.
  • 5. 

    What does Rothbard inform us causes panic among both banks and government?

    • A decrease in the money supply.

    • Interest rates being reduced to zero.

    • Large-scale demand for cash.

    • A decline in the number of mortgage applications.

    Correct Answer
    A. Large-scale demand for cash.
  • 6. 

    What was the largest percentage increase in the rate of personal income tax in the Revenue Act of 1932?

    • 8 percent

    • 25 percent

    • 100 percent

    • 167 percent

    Correct Answer
    A. 167 percent
  • 7. 

    How much of the RFC's $3.9 billion in loan credits and cash went to banks?

    • 9 percent.

    • 17 percent.

    • 52 percent.

    • 75 percent.

    Correct Answer
    A. 52 percent.
  • 8. 

    Roughly what percentage of total Federal revenues did the RFC's $3.9 billion in loans represent in 1932?

    • 34 percent.

    • 50 percent.

    • 78 percent.

    • 115 percent.

    Correct Answer
    A. 115 percent.
  • 9. 

    By the time of its admitted failure in early 1932, how much had Hoover's public works program increased Federal construction from its level at the beginning of the depression in 1929?

    • 50 percent.

    • 100 percent.

    • 150 percent.

    • 800 percent.

    Correct Answer
    A. 100 percent.

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