US History Chapter 18
What percentage of American households owned stocks by 1929?
Approximately 10%
The stock market took its steepest dive on October 29, 1929, the day now known as
Black Tuesday
In 1932, the press began calling the World War I veterans who were marching to Washington, D.C., to demand early payment of promised bonuses the
Bonus Army
Wiped out by the Depression and by drought, many penniless families left the Dust Bowl and headed to
California
T/F "Okies" were usually farmers who sold their land and used the profits to travel to California and begin new lives.
False
T/F President Herbert Hoover's response to the Depression led to his landslide victory in the 1932 presidential election.
False
T/F Some farmers began destroying their crops to protest against foreclosures on their land.
False
T/F The Depression improved steadily during President Hoover's administration.
False
T/F The stock market crash of 1929 was the sole cause of the Great Depression.
False
T/F Walt Disney produced the first feature-length animated film, Animal Crackers, in 1937.
False
During the 1930s, how many Americans went to the movies each week?
More than 60 million
What portion of the U.S. workforce was unemployed by 1933?
Roughly 25%
T/F As the bull market of the late 1920s continued to soar, many investors began buying stocks on margin, making only a small cash down payment and borrowing the rest.
True
T/F Blaming the president for their plight, newly homeless people established shantytowns they called Hoovervilles.
True
T/F Buyers hoping to make a fortune overnight in the stock market engaged in speculation, betting that the market would continue to climb.
True
T/F Buying on margin was a method of buying stocks
True
T/F During the Depression, the jobless stood in breadlines for free food, lined up outside soup kitchens set up by private groups, or went hungry.
True
T/F In July of 1932, the U.S. Army expelled the Bonus Marchers from Washington, D.C., with tear gas and fixed bayonets.
True
T/F In the 1920s, buying on margin was a method of buying stocks with mostly borrowed money.
True
T/F President Hoover did more than any prior president to expand the federal government's economic role, but he failed to resolve the economic crisis of the Great Depression.
True
T/F When people could not pay their rent or mortgage but would not leave the dwelling, they were evicted by court officers.
True
As stock prices declined in 1929, the Hawley-Smoot Tariff led to
a decline in US exports
One reason that the stock market crash led to the Great Depression was that in 1929, the top 5 percent of all American households earned 30 percent of the nation's income, an example of
an uneven distribution of income
In May 1932, the Senate voted down a bill that would have
authorized early payment of World War I veterans' bonuses.
During the Great Depression, many farmers were forced to turn their farms over to
banks that held their mortgages.
In the early 1930s, to pay for public works projects that would create enough jobs, the government would have to raise taxes or
borrow money
A long period of rising stock prices is known as a
bull market
Nicknamed "soap operas" in the 1930s, radio programs such as The Guiding Light
carried over their story lines from day to day
The National Credit Corporation tried to rescue troubled banks by allowing them to
continue lending money to their communities
At the time of the stock market crash, the government did not insure bank deposits, so
customers lost their saving if banks collapsed
During the Great Depression, when a bank collapsed,
depositors lost their savings.
During the Great Depression, many farmers who were already under pressure from debt and falling prices were devastated by
drought and the "Dust Bowl."
The original purpose of the Reconstruction Finance Corporation was to
give emergency help to large businesses
The "Dust Bowl" was located in
great plains
Although the Reconstruction Finance Corporation loaned about $238 million to banks, railroads, and building-and-loan associations by early 1932, it failed to
increase its lending sufficiently.
The bull market of the 1920s lasted only as long as
investors continued putting new money into the market
During the stock market crash of October 1929, prices were driven down by
investors selling stocks at a frenzied pace
In the 1920s, the Federal Reserve contributed to weaknesses in the stock market by
keeping interest rates low.
The Emergency Relief and Construction Act provided
loans to the states for direct relief.
Stockbrokers who made loans that allowed investors to buy stocks could issue a ____________________ to protect their loans.
margin call
Manufacturing output per person-hour rose 32 percent in the 1920s, but the average worker's wage increased only 8 percent, which meant that
most Americans did not earn enough to buy the goods they helped produce.
In addition to the stock market crash in 1929, a key cause of the Great Depression was
overproduction
Thousands of World War I veterans came to Washington, D.C., in 1932 to lobby Congress to
pass legislation giving veterans their promise bonus early
Before the late 1920s, stock prices
reflected the stocks true value
Thomas Hart Benton, Grant Wood, and other painters of the 1930s were referred to as the
regionalists school
President Hoover wanted state and city governments rather than the federal government to provide money directly to impoverished families, known as
relief
In addition to the stock market crash of 1929, the economy was shaken by a slowdown in
retail sales.
During the 1930s, dairy farmers in Georgia blocked highways and
stopped milk trucks, dumping the milk into ditches.
In his novel The Sound and the Fury, William Faulkner exposed the hidden attitudes of characters in a fictional Mississippi county using a technique called
stream of consciousness.
"Hunger marches" in Washington, D.C., and other cities were organized by
the American Communist Party.
What happened when President Hoover asked the Federal Reserve Board to put more currency into circulation?
the Board refused to increase the money supply
Which of the following measures to address the Depression was enacted by Congress and signed by President Hoover only reluctantly?
the Emergency Relief and Construction Act
While many immigrants chose to leave the United States as a result of the Great Depression, others
were forced out by the government and by citizen groups
As a result of the stock market crash, some banks suffered more losses than they could absorb and
were forced to close.