Great Depression

What industries were in trouble at the beginning of the Great Depression?

Railroads, mining, and housing industries were in decline.

What was a consequence of the decline in key industries during the Great Depression?

Unemployment increased as these industries struggled.

How did the economics of supply and demand affect American farmers during and after WWI?

High demand during the war led to more planting and spending, resulting in loans for farmers.

What happened to farmers' income after WWI?

Post-war demand dropped by 40%, causing annual farm income to fall from $10 billion in 1919 to $4 billion in 1921.

What financial difficulties did farmers face after WWI?

Farmers faced property foreclosure and an inability to repay loans, leading to rural bank failures.

What was the role of the American Relief Administration (ARA) after WWI?

The ARA aimed to feed millions of people, positively impacting 21 nations.

How did the Soviet Famine of 1921-1923 benefit US farmers?

The US sent over $20 million worth of corn and wheat seeds to Russia, which improved the farmers' economy.

What did survivors call the food supplied by the US during the Soviet Famine?

'America' symbolized life-saving aid given to families in need.

Why is the episode of the Soviet Famine and US aid mostly forgotten?

Russia portrayed the US as spies rather than helpers.

What factors contributed to American consumers having less money to spend by the end of the 1920s?

Increasing prices, stagnant wages, and overspending on credit led consumers to stop buying.

What were the benefits of having credit easily available during the 1920s?

Consumers could buy now and pay later, but this led to large debts and a decrease in spending.

How was income distributed in the American population during the 1920s?

The rich got richer while the poor got poorer; the income of the richest 1% increased by 75% from 1920-1929.

What was deemed necessary for a decent standard of living in 1929?

$2,500 was considered necessary for a decent standard of living.

What percentage of American homes had electric refrigerators by 1929?

Only 1 in 10 homes had electric refrigerators.

How often did the average American buy new clothes during the 1920s?

Many Americans bought new clothes only once a year.

What percentage of homes in cities had lights or a furnace by the end of the 1920s?

Half of the homes in cities had lights or a furnace.

What political roles did Hoover hold before becoming president?

He was a Secretary of Commerce under Presidents Harding and Coolidge.

What was Hoover's profession before entering politics?

He was a mining engineer from Iowa.

Why was Hoover considered the favorite in the 1928 election?

He had years of prosperity under the Republican administrations since 1920.

What does 'rugged individualism' mean according to Hoover?

It emphasizes focusing on individual achievement rather than relying on a central government.