Causes of the Great Depression
Choose only the statements that CORRECTLY

1. Stock market crash of 1929

2. Banking panics and monetary contractions

3. The GOLD standard

4. Decreased international lending and tariffs.

Explanation:

1. Stock market crash of 1929

The stock market crash of 1929 was a collapse of stock prices that began on Oct. 29, 1929, the Dow Jones Industrial Average had dropped 24.8%, marking one of the worst declines in U.S. history. It destroyed confidence in Wall Street markets.

2. Banking Panics and monetary contractions

The US appeared to be poised for economic recovery following the stock market crash of 1929, until a series of bank panics in the fall of 1930 turned the recovery into the beginning of the Great Depression.

3. The gold standard

The gold standard is a monetary system where a country's currency or paper money has a value directly linked to gold. With the gold standard, countries agreed to convert paper money into a fixed amount of gold.

4. Decreased international lending and tariffs

The Smoot-Hawley Tariff Act raised the United States's already high tariff rates. In 1922 Congress had enacted the Fordney-McCumber Act, which was among the most punitive protectionist tariffs passed in the country's history, raising the average import tax to some 40 percent.

The Great Depression of the late 1920s and ’30s remains the longest and most severe economic downturn in modern history. Lasting almost 10 years (from late 1929 until about 1939) and affecting nearly every country in the world, it was marked by steep declines in industrial production and in prices (deflation), mass unemployment, banking panics, and sharp increases in rates of poverty and homelessness. In the United States, where the effects of the depression were generally worst, between 1929 and 1933 industrial production fell nearly 47 percent, gross domestic product (GDP) declined by 30 percent, and unemployment reached more than 20 percent. By comparison, during the Great Recession of 2007–09, the second largest economic downturn in U.S. history, GDP declined by 4.3 percent, and unemployment reached slightly less than 10 percent.  

There is no consensus among economists and historians regarding the exact causes of the Great Depression. However, many scholars agree that at least the following four factors played a role.

Explanation:

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