Download Great Depression and New Deal Test Review

Great Depression and New Deal Test Review
Chapter 14 – 15
1. Economic Depression – A depression is a sustained, long-term downturn in economic activity
in one or more economies
2. What were the causes of the Great Depression?
 Overproduction of consumer goods
 Buying goods on credit
 Stock Market Speculation
 Unequal distribution of wealth
 1929, Stock Market Crash
 Buying on Margin
3. The Dust Bowl – Poor farming techniques, over farming the land, drought, and high winds
created this in the Great Plains
4. Laissez-faire economics – It describes a system or point of view that opposes regulation or
interference by the government in economic affairs beyond the minimum necessary to allow the
free enterprise system to operate according to its own laws
5. Franklin D. Roosevelt – Implemented the New Deal to help with the Great Depression. Gave
fireside chats on the radio to communicate with the American public.
6. New Deal – Program that provided relief to the poor, recovery of the economy and reform of
the financial system
7. The three R’s Relief, Recovery, and Reform –Relief for the unemployed and poor; Recovery
of the economy to normal levels; and Reform of the financial system to prevent a repeat
depression
8. Deficit spending –Government practice of spending borrowed money instead of raising
taxes, usually in an attempt to boost the economy
9. Bank Holiday (1933) –President Franklin Roosevelt shut down the nation’s banks to restore
Americans’ confidence in the banking system. The federal government checked each bank, and
reopened banks were insured by the FDIC
10. Social Security – Provides unemployment insurance, aid to the disabled, old age pensions,
and insurance for families
11. Works Progress Administration (WPA) – Created jobs by hiring writers and artists
12. Civilian Conservation Corps (CCC) – Public works program that gave jobs to young men. The
workers planted trees, fought forest fires and built public parks.
13. National Recovery Administration (1933) – The goal was to eliminate “cut-throat competition”
by bringing industry, labor and government together to create codes of “fair practices” and set prices.
Under its symbol of a blue eagle and slogan (“We Do Our Part”). Declared unconstitutional by the
Supreme Court in 1935.
14. Agricultural Adjustment Act (1933) – Law that attempted to raise crop prices by lowering
production
15. National Youth Administration (NYA), 1935 –Was devoted to furthering the education of
young people, & finding them employment
16. Court Packing Plan (1937) –Legislative initiative proposed by U.S. President Franklin D.
Roosevelt to add more justices to the U.S. Supreme Court. Roosevelt‘s initiative ultimately
failed due to adverse public opinion
17. Federal Deposit Insurance Corporation (FDIC), 1933 – Provided insurance for individual
bank accounts
18. Securities and Exchange Commission (SEC), 1934– Government agency that regulates the
stock market
19. Huey Long –Nicknamed The Kingfish, served as the 40th Governor of Louisiana and as a
member of the United States Senate. He denounced the rich and the banks and called for
“Share the Wealth.”
20. Dr. Francis Townsend –Was an American physician who was best known for his revolving
old-age pension proposal during the Great Depression. Known as the “Townsend Plan”, this
proposal influenced the establishment of the Roosevelt administration’s Social Security system
21. Father Charles Coughlin –Used his radio program to attack both the President and the New
Deal. In the late 1930s his broadcasts became increasingly anti-Semitic (filled with attacks on
Jews). He was eventually forced from the air because of his extreme right-wing views
22. What brought the Great Depression to an end?
 World War II