America's Great Depression Chapter 9
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This is a 10-question quiz on Chapter 9: 1930 of America's Great Depression by Murray Rothbard.
- 1.What was the approximate unemployment level in 1930?
- A.
4 percent
- B.
9 percent
- C.
15 percent
- D.
24 percent
- 2.Who wished to pursue a laissez-faire policy in December 1929?
- A.
President Hoover
- B.
The Senate
- C.
The House of Representatives
- D.
The Federal Reserve
- 3.What happened to the money supply in 1930?
- A.
It remained constant.
- B.
It increased slightly.
- C.
It increased dramatically.
- D.
It decreased dramatically.
- 4.What two factors kept inflation in check in 1930?
- A.
Interest rate increases and gold sales
- B.
Decreased federal spending and exports
- C.
Stock market collapse and bank failures.
- D.
Housing price declines and reduced lending.
- 5.The name of the controversial import tax passed by Congress in 1930 was the _________________ Tariff.
- 6.Who were the main proponents of the tariff act of 1930?
- A.
The Keynesian economists.
- B.
The Progressive Bloc, the farmers, and the AFL.
- C.
The Better Business Bureau and the Consumers Union.
- D.
The Conservative Club, the bankers, and the NFL.
- 7.How did agricultural tariffs hurt the farmers they were intended to help?
- A.
Imported seeds became more expensive.
- B.
Competing foreign farmers increased their efficiency.
- C.
Retaliatory tariffs reduced their ability to export.
- D.
Agricultural consumers bought fewer farm products.
- 8.How was immigration reduced by 90 percent in 1930?
- A.
The State Department issued a press release.
- B.
The President signed a presidential executive order.
- C.
The Congress passed a near-complete ban on immigration.
- D.
The President met with the Mexican foreign minister.
- 9.What was President Hoover's pet theory of the stock market crash?
- A.
It was caused by excessive corporate fraud.
- B.
It was caused by the Federal Reserve raising interest rates.
- C.
It was caused by inflationary credit expansion.
- D.
It was caused by credit being absorbed by speculation.
- 10.What principle was widely accepted by economists as a means of effectively reducing unemployment in 1930?
- A.
Tax cuts.
- B.
Public works.
- C.
Interest-free loans.
- D.
Welfare payments.
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