| Rugged individualism | an individual is self-reliant and independent from outside, usually state or government, assistance |
| The great depression affected B.I.A.S what does this acronym stand for? | Business, Industry, Agriculture, Stocks/Shares |
| General Electric (big US company) saw its income and employees fall between 1930 and 1932: | $60.5 million to $14.17 million, Employees 88,000 to 41,000 |
| Traditional industries such as coal mining and textiles | were in a state of decline prior to the great depression. |
| Growing unemployment led to a | decrease in sales of new consumer goods. |
| By 1927 the majority of people who could buys cars | had already done so, and the demand for vehicles plummeted. |
| A "Hooverville" was | a shanty town built during the Great Depression by the homeless in the United States of America. |
| Hoover was a | Republican |
| Hoover was president between | 1928-1933 |
| Volunteerism was a guiding ideology of Hoover meaning: | voluntary act of an individual or group freely giving time and labour for community service |
| A balanced budget is | a budget in which revenues are equal to expenditures. |
| Hoover once said the major job of the government was | to bring about a condition of affairs favourable to the beneficial development of private enterprise |
| Hoover was happy to supply indirect aid to banks or local public works projects, but he refused to use federal money for direct aid to citizens | but he refused to use federal money for direct aid to citizens |
| laissez faire | economic system in which transactions between private groups of people are free from any form of interventionism from government. |
| Hoover supported laissez faire policies | True |
| Hoover wanted to give citizens in American direct financial aid | False |
| Trickle Down Economics | economic policies that favor the upper income brackets, corporations, and individuals with substantial wealth or capital. |
| Rugged individualism | an individual is self-reliant and independent from outside, usually state or government, assistance |
| In 1931 | Hoover cancelled war debts to the USA, hoping that more American goods would be bought. But it made little difference. |
| American exports in 1932 | were less than a third of the 1929 total. |
| In 1929 | 659 US banks failed. |
| In 1930 | 1,352 US banks failed. |
| Another 2294 banks went bankrupt | in 1931. |
| Between 1928 and 1933 both industrial and farm production fell | by 40% and average wages fell by 60%. |
| By 1933 there were | 14 million unemployed, and 5,000 banks had gone bankrupt. |
| The USA’s international trade was drastically reduced from | $10 billion in 1929 to $3 billion in 1932. |
| The 'Dust Bowl' | the drought period in the Great Plains that lasted from 1930 to 1936 |
| The Agricultural Marketing Act | 1929, established the Federal Farm Board |
| The Agricultural Marketing Act 1929 | failed in supporting farmers |
| National Credit Corporation1931 | tried to stop bank failures but was unsuccessful. |
| The Federal Home Loan Bank Act 1932 | successfully strengthened the housing market and was strengthened by FDR in 1933. |
| The Emergency Relief and Construction Bill | was vetoed by Hoover in 1932 |
| In 1929 unemployment stood at | 3.2% |
| In 1930 unemployment stood at | 8.9% |
| In 1931 unemployment stood at | 16.3% |
| In 1932 unemployment stood at | 24.1% |
| The only product made by General Electric not affected by the Great Depression was | light bulbs. |
