Question 1
What were Hoovervilles?
A) They were suburban towns that experienced sharp downturns during the depression.
B) They were the numerous soup kitchens constructed to feed the nation's hungry.
C) They were rich sections of town where wealthy Republicans lived.
D) They were squalid collections of shacks where the homeless of America's cities lived.
Question 2
Which of the following bore the greatest responsibility for causing the Great Depression?
A) war debts incurred by the United States during World War I
B) artificially high prices for consumer goods generated by the administered prices of oligopolies
C) government failure to enforce antitrust laws
D) overconsumption and irresponsible credit use by ordinary Americans
Question 3
Which of the following was an early result of the 1929 stock market crash?
A) even more massive declines in stock values in Europe the day after Black Tuesday
B) an acceleration of European repayments of American loans
C) a large decrease in American investments in Europe
D) increased American exports
Question 4
The Wall Street crash __________.
A) was triggered by excessive government spending
B) only affected middle-class Americans
C) was caused by the low level of investment in the 1920s
D) marked the beginning of the depression, but did not cause it
Question 5
The Depression was prolonged when __________.
A) the government ordered that more exports be sold in Europe
B) banks voluntarily submitted to regulatory policies
C) the Federal Reserve Board restricted the nation's money supply
D) farm prices and workers' wages skyrocketed
Question 6
What occurred on Black Tuesday?
A) A stock market crash wiped out all the gains of the previous year.
B) Germany attacked Poland.
C) Herbert Hoover announced he would take no action regarding the faltering farm economy.
D) U.S. Steel announced a layoff of over half its workers.
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Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...