Ch. 14 great depression Study guide and answers
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| Describe issues faced by farmers during the 1920's. | Rising crop prices during WWI led to over borrowing and over production after the war.
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| Explain the psychological effects of the Depression. | Feelings of hopelessness, desperation, and despair.
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| What was the Bonus Army and what happened to the? | WWI vets demanding their bonuses. They were attacked and ran out of town by the Army.
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| List all the effects of the Great Depression. | Poor diet, Homelessness, Unemployment, Less education, lower production, and Lowered World Trade.
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| What were hobos? | Men and boys that wondered the country.
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| What is Direct Relief? | Government gives food or payment directly to the people.
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| Why did the coal mining industry suffer during the 1920's? | New forms of energy to compete with.
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| List reasons consumer purchasing slowed during the late 1920's. | Higher prices of goods, Lack of wage increase, over use of credit.
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| Describe President Hoover's belief about Direct Belief. | Believed it was the job of the states.
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| Who were the Presidential Candidates in 1928 and what were their platforms? | Hoover for Prohibition. Smith against Prohibition.
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| Describe how the Stock Market became over valued during the 1920's. | No government regulation, speculation buying, Buying on Margin, Many new investors.
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| What happened on October 29, 1929 and what is it known as? | Day the Stock market crashed losing over $15 billion.
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| What is a Bear Market? | Time of decreasing stock values.
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| What caused many banks to run out of money when the market crashed? | People withdrew their accounts, banks had loaned to speculators and directly invested depositor's money in the market.
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| What were the effects of the Hawley Smoot Tariff? | Raised Tariff to all time highs, further hurt the economy by lowering world trade.
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| List states affected by the drought of the 1930's. | Kansas, Oklahoma, Colorado, Wyoming, Idaho, Texas.
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| Who were the Okies? | Farmers that left dust bowl for work in California.
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| What is buying stock on margin? | Purchasing stock on credit.
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| Describe the beliefs of most Americans regarding the Depression in the early 1930's. | Natural cycle of business and would fix itself.
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| What program did Hoover initiate that helped the Depression and what were the benefits of the program? | Hoover Dam. Provided flood control, electricity, irrigation, and jobs to thousands.
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| Describe the shift of power in the federal government in the 1930 election. | Lost Majority in House, held narrow majority in Senate.
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| What were Hoovervilles? | Villages of homeless living in makeshift shacks in big cities on public land.
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| Describe Speculation. | Gambling that low price stock will skyrocket to provide rich quick opportunities.
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| What did farmers do in hopes to drive up prices in the early 1930's? | To attempt to cause shortages of food and cause price increases.
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| What did the Federal Home Loan Bank Act do? | Lowered people's mortgages rates and allowed farmers to refinance to stay on their land.
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| How did buying on credit cause a false sense of prosperity in the 1920's? | People had overspent and used credit unwisely in order to achieve the American Way standard of living.
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| Describe President Hoover's legacy. | Constructed Hoover Dam, Increased government role in the Economy more than any other president, Bonus Army and Lasting Depression tarnish his legacy.
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| What mistake did the Federal Reserve make in the 1920's that caused the Depression to be worsened? | Kept interest rates low during the economic boom of the 1920's.
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| List the 4 primary causes of the Depression. | Banks investment in the market, Federal Reserve Raising Interest Rates, Credit Dept, Overproduction, Market Crash, and the Hawley Smoot Tariff.
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| What is a Bull Market? | Period of Market Growth.
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