Causes
100:
Q: What was "Black Tuesday," and why is it significant?
A: Black Tuesday (October 29, 1929) was the day the stock market crashed, signaling the start of the Great Depression.
100:
Q: What is the gold standard?
A: A monetary system where currency is backed by a fixed amount of gold, limiting how much money a country can print.
Currency tied to valuation of gold (by ounce)
100:
Q: Who was the Prime Minister of Canada during the early years of the Great Depression?
A: R.B. Bennett.
100:
Q: What major public buildings were constructed in Toronto during the 1930s despite economic hardship? (1)
A: Maple Leaf Gardens, Commerce Court, and the Canada Life Building.
DAILY DOUBLE
200:
Q: Explain how overproduction contributed to the economic collapse.
A: Factories and farms produced goods faster than consumers could buy them leading to stockpiling which made management and owners nervous, reducing staff/work hours of employees - resulting in less income within communities and therefore less purchasing and a smaller system of trade amongst citizens.
200:
Q: Which country was the first to abandon the gold standard in 1931?
A: Great Britain.
200:
Q: What was Canada’s unemployment rate by 1933, and how did it affect daily life?
A: 30% of the workforce was unemployed, and one in five Canadians depended on government relief.
200:
Q: Who was the PM that succeeded Bennett?
Mackenzie King
DAILY DOUBLE
300:
Q: Why was/is Canada’s economy heavily dependent on the United States?
A: It's advantageous for a resource rich country with a proportionately small population like Canada's to trade it's resources abroad to develop the economy, create and maintain high value industry
US has been one of, if not the biggest economy for many years
300:
Q: Why did Franklin D. Roosevelt, like many leaders, take the U.S. off the gold standard?
A: It allowed the government to print more money, increasing the money supply and helping economic recovery.
300:
Q: Why were the Canadian Prairies hit hardest by the economic collapse? (2)
A: A combination of drought, falling wheat prices, and dust storms devastated farming communities.
300:
Q: What's similar about the of the WGS and Regina Riots?
A:Labour/economic unrest (2)
Police and the RCMP were used to break up strikes and protests, often with violence
400:
Q: What role did "buying on margin" play in the stock market crash of 1929?
A: Investors borrowed money to buy stocks, hoping prices would rise. When prices dropped, they couldn't repay loans, causing panic and market collapse.
400:
Q: How did government relief efforts, such as work camps, attempt to address unemployment?
A: Relief camps gave unemployed men food and shelter in exchange for low-wage labor, though conditions were harsh.
Limit inclinations towards revolution
500:
Q: How did economic protectionism and tariffs make the Depression worse? (2)
A: Countries imposed tariffs to protect local industries, reducing international trade and worsening the economic crisis.
Indebted countries depended on trade to generate a surplus and pay countries back - tariffs deterred international trade causing countries to default
500:
Q: How did american leadership look to rectify issues cause by compliance with a gold standard? Why? (2)
A: Obligated citizens to sell their gold to the gov't at a rate of $20.67, then later increased the value of gold to $35 per ounce, increasing U.S. gold reserves and money supply. To increase spending and distribute wealth more fluidly.