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Responses
He believed the surplus of goods could be sold to fix the economy.
He believed the surplus of goods could be sold to fix the economy.
He believed the crash was not part of a larger downturn.
He believed the crash was not part of a larger downturn.
He believed the industrialists would close their factories.
He believed the industrialists would close their factories.
He believed the continuation of trade would save the banks.
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The correct response is:
He believed the crash was not part of a larger downturn.
President Herbert Hoover thought that the economic downturn following Black Tuesday (the stock market crash of October 29, 1929) was a temporary situation and that the economy would recover quickly if confidence was maintained. He encouraged industrialists to keep wages stable in hopes of preventing further economic decline.
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