Question
27. During the 1920s, the Federal Reserve increased the money supply and kept interest rates very low, encouraging consumer spending and the brisk borrowing of money. Business investment and the expansion of businesses grew rapidly during the 1920 to meet the needs of this huge consumer spending. However, during the Crash of 1929, the Federal Reserve reversed its expansionary monetary policy and cut off the money supply by almost 30%, causing banks to not have enough currency on hand when depositors wanted their hard-earned money.
After reading the prompt, what can you surmise happened next that contributed to the Great Depression?
A) Black Tuesday
B) collapse of banks
C) high unemployment
D) election of Franklin D. Roosevelt
28. One of the contributing factors in the _____ was an unequal distribution of wealth.
Which term or phrase BEST completes this sentence?
A) Great Depression
B) end of the Cold War
C) Industrial Revolution
D) creation of the United Nations
29. Hoover's approach in solving the problems of the Great Depression was ultimately
Responses
A) promising.
B) successful.
C) overridden.
D) unsuccessful.
After reading the prompt, what can you surmise happened next that contributed to the Great Depression?
A) Black Tuesday
B) collapse of banks
C) high unemployment
D) election of Franklin D. Roosevelt
28. One of the contributing factors in the _____ was an unequal distribution of wealth.
Which term or phrase BEST completes this sentence?
A) Great Depression
B) end of the Cold War
C) Industrial Revolution
D) creation of the United Nations
29. Hoover's approach in solving the problems of the Great Depression was ultimately
Responses
A) promising.
B) successful.
C) overridden.
D) unsuccessful.
Answers
GPT-4o mini
27. Based on the provided context, after the Federal Reserve cut off the money supply, the most relevant event that contributed to the Great Depression would be **B) collapse of banks**. The sudden restriction of the money supply led to widespread bank failures, which exacerbated the economic crisis.
28. The term or phrase that BEST completes this sentence regarding a contributing factor to the Great Depression is **A) Great Depression**. An unequal distribution of wealth significantly contributed to the economic instability of that period.
29. Hoover's approach in solving the problems of the Great Depression was ultimately **D) unsuccessful**. His policies were criticized for being inadequate in addressing the severe economic downturn.
28. The term or phrase that BEST completes this sentence regarding a contributing factor to the Great Depression is **A) Great Depression**. An unequal distribution of wealth significantly contributed to the economic instability of that period.
29. Hoover's approach in solving the problems of the Great Depression was ultimately **D) unsuccessful**. His policies were criticized for being inadequate in addressing the severe economic downturn.