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Description
Flashcards by Sophia Lynch, updated more than 1 year ago
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Created by Sophia Lynch
about 5 years ago
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| Question | Answer |
| How is the Great Depression different from other declines? (2) | 1. It was more severe 2. It was longer |
| What were some causes of the Great Depression? (5) | 1. Investments in stocks - buying on margin 2. weakness in the banking system 3. high tariffs 4. war reparations 5. overproduction/underconsumption |
| What was the impact on the American economy? (4) | 1. After 1929 peak, industrial production dropped over 60% 2. in 1932, unemployment rate over 24% 3. mass bank failures 1930 - 1933 and collapse of credit and money supply 4. deflation ; prices fell by 20 to 30% |
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