President Hoover's First Moves (73-77)

73. What two immense groups of citizens were not sharing in the prosperity of the late 1920s?

The unorganized wage earners and disorganized farmers did not enjoy prosperity.

This farmer did not enjoy prosperity!

74. Agricultural Market Act of 1929:

a. Was designed to help farmers help themselves by creating co-ops.

b. Set up the Federal Farm Board.

c. Which lent to farm organiztions that desperately needed money.

75. In 1930, the Farm Board:

a. created the Grain Stabilization Corporation and the Cotton Stabilization Corporation.

b. with a goal of bolstering sagging prices by buying surpluses of crops.

c. with a result of wheat prices dropping for $0.57 and cotton to $0.05.

Cotton cost one of these!

76. Hawley-Smoot Tariff of 1930:

a. Was designed to assist farmers.

b. After lobbyists' efforts, acquired 1000 amendments! (yikes!)

c. It turned out to be the highest protective tariff during peacetime.

d. It raised the average duty from 38.9% to 60%.

77. What were the negative effects of Hawley-Smoot...

a. On Foreigners? foreigners were hurt severely as tariff duties skyrocketed.

b. It reversed the trend toward reasonable tariffs in the world

c. Helped plunge America and the world into a terrible Depression

d. It increased financial chaos (as if it wasn't chaotic before)

e. It forced America further into economic isolationism

f. This economic isolationism played into the hands of Adolf Hitler.

Hitler's Hands!