Question 1

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Reconstruction Finance Corporation

Accepted Answer

The Reconstruction Finance Corporation (RFC) was a government corporation in the United States that provided financial support to banks, insurance companies, and other institutions during the Great Depression. Established by Congress in 1932 under the Hoover administration, the RFC was a key component of the federal government's efforts to combat the economic collapse that characterized the era.

The RFC was created by the Reconstruction Finance Corporation Act and was signed into law by President Herbert Hoover on January 22, 1932. The initial purpose of the RFC was to provide emergency loans to banks, railroads, and other large businesses. The idea was that by helping these institutions, the benefits would trickle down to smaller businesses and ultimately to individuals, thereby stimulating economic recovery.

The RFC was initially capitalized with $500 million and was authorized to issue bonds up to $1.5 billion. Over time, the RFC's lending powers expanded to include direct loans to state and local governments for public works projects, which was a precursor to the New Deal's public works programs. The RFC also played a significant role in stabilizing the banking system by providing funds to struggling banks, which helped to restore confidence in the financial system.

During World War II, the RFC's role expanded further to include financing for war production and supporting the economy during the transition to a wartime footing. It helped to finance the construction of war plants and made loans to manufacturers who were producing war materials.

The significance of the Reconstruction Finance Corporation lies in its role as a federal instrument for economic intervention during a time of crisis. It represented a major shift in the federal government's approach to economic management, moving away from a laissez-faire attitude and towards a more active role in stabilizing and stimulating the economy. The RFC set a precedent for later federal programs designed to promote economic recovery and growth, including those implemented during the New Deal under President Franklin D. Roosevelt.

The RFC continued to operate after the Great Depression and World War II, but its importance diminished as the economy recovered and other federal agencies took over its functions. It was eventually dissolved in 1957. Despite its dissolution, the RFC's legacy can be seen in later government programs that have used similar mechanisms to provide financial support during economic downturns, such as the Troubled Asset Relief Program (TARP) during the 2008 financial crisis.

Question 2

How did U.S. Steel in 1937 respond to the newly formed Steel Workers' Organizing Committee?

Accepted Answer

A)   It lived up to its reputation as "the crouching lion in the pathway of labor" and crushed the new union.
B)   It countered with the establishment of a company-sponsored employee association.
C)   It recognized the union, granted a wage increase, and agreed to a forty-hour week.
D)   It engaged in a protracted dispute with the union which included a major strike over union recognition.
E)   It closed down the union and drove the socialists and agitators off the property. C

Question 3

In 1933 less than 3 million workers belonged to unions. By 1941 more than 8 million did. How and why did this unionization come about? Which workers were still almost totally unorganized in 1941?

Accepted Answer

The increase in unionization from less than 3 million workers in 1933 to over 8 million in 1941 can be attributed to several factors. One of the main reasons for this growth was the passage of the National Labor Relations Act in 1935, which guaranteed workers the right to organize and collectively bargain. This legislation provided a legal framework for workers to join unions and negotiate with their employers for better wages, working conditions, and benefits.

Additionally, the economic conditions of the time also played a role in the increase in union membership. The Great Depression had led to widespread unemployment and economic hardship, prompting many workers to seek the protection and support of labor unions. The rise of industrial unionism, particularly in the automobile and steel industries, also contributed to the growth of union membership during this period.

Despite the overall increase in unionization, certain groups of workers were still almost totally unorganized in 1941. Agricultural workers, domestic workers, and workers in the service industry, such as retail and hospitality, were among those who were largely excluded from the benefits of union representation. These workers often faced significant barriers to organizing, including legal restrictions and employer resistance, which made it difficult for them to join unions and advocate for their rights in the workplace.

Question 4

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
John Dos Passos, James Farrell

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 5

Which of the following was not true concerning the election of 1936?

Accepted Answer

A)   The Republicans candidate was an earnest but inept campaigner.
B)   Roosevelt beat Alfred Landon in the most crushing victory since 1820.
C)   Third-party candidates siphoned off an alarming number of Democratic votes.
D)   The Democrats increased their majorities in the Senate and the House of Representatives.
E)   Roosevelt won the support of farmers, union members, blacks, and women.

Question 6

Which New Deal initiative paid farmers subsidies to take acreage out of production?

Accepted Answer

A)   Agricultural Adjustment Act of 1933
B)   Farm Credit Act
C)   Farm Holiday movement
D)   McNary-Haugen bill
E)   Tennessee Valley Authority Act

Question 7

Which of the following is an accurate statement about unemployment during the New Deal?

Accepted Answer

A)   It never fell below 75 percent.
B)   As late as 1939 more than 17 percent of the labor force remained jobless.
C)   New Deal social and economic programs virtually eliminated unemployment for the first time in American history.
D)   The jobless rate crept steadily upward from 1932 until 1945.
E)   It never exceeded 7.5% even though politicians exaggerated the crisis for their own benefit.

Question 8

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Agricultural Adjustment Act of 1933

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 9

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Federal Emergency Relief Act, Harry Hopkins

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 10

Economists blamed all of the following for causing the depression except

Accepted Answer

A)   Structural problems made the 1920s prosperity far more unstable than the public realized at the time.
B)   Wage increases lagged behind factory output, which reduced purchasing power.
C)   Assembly-line production methods encouraged overproduction.
D)   Housing, automobile, textile and other industries were deeply overextended.
E)   Key industries embraced costly new technologies that they could not financially support.

Question 11

The Committee for Industrial Organization was established

Accepted Answer

A)   to organize skilled workers.
B)   by industrialists to undermine the power of labor unions.
C)   by President Roosevelt as one of his "alphabet agencies" to address economic problems.
D)   to bring workers for "Little Steel" into the collective-bargaining cycle.
E)   to organize all workers in a particular industry, regardless of race, gender, or degree of skill.

Question 12

What caused the Great Depression, and how did President Hoover respond?

Accepted Answer

The answer of What caused the Great Depression, and how...

Question 13

Which of the following was not a popular pastime during the depression?

Accepted Answer

A)   Going to the movies
B)   Taking long car rides
C)   Reading novels and magazines
D)   Listening to the radio
E)   Listening to "swing" music

Question 14

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
H.G. Wells, War of the Worlds

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 15

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Brain Trust

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 16

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Bank Holiday, Emergency Banking Act, Federal Deposit Insurance Corporation

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 17

How did Hollywood depict women in its movies?

Accepted Answer

A)   As downtrodden, struggling against tough economic circumstances.
B)   In mixed ways that included both finding fulfillment in marriage and strong independent women.
C)   As glamorous villains.
D)   As labor organizers who supported their husbands and workers' rights.
E)   As a threat to the tradition of home and family.

Question 18

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. 
Zora Neale Hurston, William Faulkner

Accepted Answer

The answer of Instructions: Identify the following. Be as specific...

Question 19

Which statement best describes Franklin Roosevelt's position concerning the Depression in the 1932 presidential campaign?

Accepted Answer

A)   He clearly outlined specific programs that would end the depression.
B)   He called for the United States to abandon the gold standard.
C)   He promoted a policy of massive spending by the federal government.
D)   He promised to end the depression but offered only vague plans describing how he was going to do it.
E)   He claimed the depression was just an economic cycle and would eventually correct itself.

Question 20

Which of the following steps did Herbert Hoover not take to revive the economy after the stock-market crash?

Accepted Answer

A)   He advised municipal and state governments to create jobs through public-works projects.
B)   He set up the Emergency Committee for Employment to coordinate the efforts of voluntary relief agencies.
C)   He persuaded Congress to pass the National Industrial Recovery Act, which embodied ideas of industrial self-regulation and business-government cooperation.
D)   He persuaded Congress to establish the Reconstruction Finance Corporation to make loans to banks and other lending institutions.
E)   He urged business leaders to maintain wages and employment.

Exam 24: The Great Depression and the New Deal

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Reconstruction Finance Corporation

How did U.S. Steel in 1937 respond to the newly formed Steel Workers' Organizing Committee?

In 1933 less than 3 million workers belonged to unions. By 1941 more than 8 million did. How and why did this unionization come about? Which workers were still almost totally unorganized in 1941?

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. John Dos Passos, James Farrell

Which of the following was not true concerning the election of 1936?

Which New Deal initiative paid farmers subsidies to take acreage out of production?

Which of the following is an accurate statement about unemployment during the New Deal?

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Agricultural Adjustment Act of 1933

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Federal Emergency Relief Act, Harry Hopkins

Economists blamed all of the following for causing the depression except

The Committee for Industrial Organization was established

What caused the Great Depression, and how did President Hoover respond?

Which of the following was not a popular pastime during the depression?

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. H.G. Wells, War of the Worlds

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Brain Trust

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Bank Holiday, Emergency Banking Act, Federal Deposit Insurance Corporation

How did Hollywood depict women in its movies?

Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term. Zora Neale Hurston, William Faulkner

Which statement best describes Franklin Roosevelt's position concerning the Depression in the 1932 presidential campaign?

Which of the following steps did Herbert Hoover not take to revive the economy after the stock-market crash?