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.