Question
How did the stock market crash affect the economy and become a defining event of the era?
Responses
a Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.
a Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.
b The government lowered tariffs to encourage trade, which backfired and led to war.
b The government lowered tariffs to encourage trade, which backfired and led to war.
c Companies lowered prices to drive up demand for their products, causing the Great Depression.
c Companies lowered prices to drive up demand for their products, causing the Great Depression.
d Many companies in the United States were bought by foreign investors, which led to an upswing in the economy.
Responses
a Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.
a Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.
b The government lowered tariffs to encourage trade, which backfired and led to war.
b The government lowered tariffs to encourage trade, which backfired and led to war.
c Companies lowered prices to drive up demand for their products, causing the Great Depression.
c Companies lowered prices to drive up demand for their products, causing the Great Depression.
d Many companies in the United States were bought by foreign investors, which led to an upswing in the economy.
Answers
GPT-4o mini
The most accurate response to how the stock market crash affected the economy and became a defining event of the era is:
**a. Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.**
The stock market crash of 1929 was a significant event that contributed to the Great Depression, characterized by massive unemployment, widespread poverty, and significant bank failures. Many individuals lost their life savings when banks failed, leading to a prolonged economic downturn. This event underscored the vulnerabilities in the financial system and had lasting implications for economic policy and regulation in the United States.
**a. Many people lost their savings due to the resulting bank closures, leading to a decade-long depression.**
The stock market crash of 1929 was a significant event that contributed to the Great Depression, characterized by massive unemployment, widespread poverty, and significant bank failures. Many individuals lost their life savings when banks failed, leading to a prolonged economic downturn. This event underscored the vulnerabilities in the financial system and had lasting implications for economic policy and regulation in the United States.