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Causes of the Great Depression: Quiz


Question 1: ________, such as the Smoot–Hawley Tariff Act, is often indicted as a cause of the Great Depression, with countries enacting protectionist policies yielding a beggar-thy-neighbor result.
Market economyMercantilismAmerican School (economics)Protectionism

Question 2: ________, the current Chairman of the Federal Reserve, agreed with Friedman in blameing the Federal Reserve for its role in the Great Depression, and stated on Nov.
Lawrence SummersBen BernankeJoseph StiglitzN. Gregory Mankiw

Question 3: In this interpretation, protectionism served to change the terms of trade for countries whose ________ was constrained by the gold standard.
Central bankMonetary policyFederal Reserve SystemOpen market operations

Question 4: Keynes' criticism of Winston Churchill's form of the return to the gold standard implicitly compared it to the consequences of the ________.
Treaty of VersaillesTreaty of TrianonWorld War ILeague of Nations

Question 5: However, historians lack consensus in describing the ________ between various events and the role of government economic policy in causing or ameliorating the Depression.
CausalityImmanuel KantDeterminismAristotle

Question 6: [3] This self-reinforcing dynamic is what happened to an extreme degree during the Depression, where ________ were common and investment, which requires a degree of optimism, was very unlikely to occur.
InsolvencyBond (finance)DebtBankruptcy

Question 7: While the British Banking Act of 1925 created currency controls and exchange restrictions, it set the new price of the ________ at parity with the pre-war price.
EuroGibraltar poundPound sterlingDanish krone

Question 8: Because of the huge reparations that Germany had to pay ________, Germany began a credit-fueled period of growth in order to export and sell enough abroad to gain gold to pay back reparations.
CanadaUnited KingdomItalyFrance

Question 9: Salsman argues that the Great Depression was fundamentally caused by statist government policy, and ended only when government policy became less statist and more ________.
CapitalismAnarcho-capitalismLaissez-faireKeynesian economics

Question 10: Since its enactment in 1913, the ________ had served as the central bank of the United States.
Democratic Party (United States)Federal Reserve SystemGreat DepressionUnited States dollar

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