CP - Final Exam Questions and Answers
100% Solved | Already Graded A+
Inflation - ✔✔a general increase in prices and fall in the purchasing
value of money.
Deflation - ✔✔a decrease in the general level of prices
CPI (Consumer Price Index) - ✔✔a measure of the overall cost of the
goods and services bought by a typical consumer
Real GDP - ✔✔the production of goods and services valued at constant
prices
Nominal GDP - ✔✔the production of goods and services valued at
current prices
unemployment rate - ✔✔the percentage of the labor force that is
unemployed
The Federal Reserve - ✔✔the central bank of the United States
Tariff - ✔✔A tax on imported goods
Stock Market - ✔✔A system for buying and selling shares of companies
,Great Depression - ✔✔A time of utter economic disaster; started in the
United States in 1929.
localism - ✔✔policy relied on by President Hoover in the early years of
the Great Depression whereby local and state governments act as primary
agents of economic relief
Trickle Down Economics - ✔✔Hoover's strategy battling the Great
Depression in which the money is given to the big corporations and
eventually they will pay their workers more, and then the workers will spend
their money and save the economy.
Hoover Dam - ✔✔huge public works project on the Colorado River that
provided jobs, water for irrigation, and power
Bonus Army - ✔✔1932 - Facing the financial crisis of the Depression,
WW I veterans tried to pressure Congress to pay them their retirement
bonuses early. Congress considered a bill authorizing immediate
assurance of $2.4 billion, but it was not approved. Angry veterans marched
on Washington, D.C., and Hoover called in the army to get the veterans
removed
Herbert Hoover - ✔✔31st President of the United States - need to know
responses to the Great Depression
, Franklin D. Roosevelt (FDR) - ✔✔Franklin D Roosevelt took office as
president of the United States. He started his presidency off with the First
Hundred Days, which was the beginning of the New Deal. During this
period, FDR and congress passed hundreds of bills that promoted social
welfare and initiated programs coined alphabet soup programs.
Fireside Chats - ✔✔informal talks given by FDR over the radio; gained
the confidence of the people
FDIC (Federal Deposit Insurance Corporation) - ✔✔the government
agency that insures customers' deposits if a bank fails
CCC (Civilian Conservation Corps) - ✔✔relief that provided work for
young men 18-25 years old in food control, planting, flood work, etc.
NRA (National Recovery Administration) - ✔✔New Deal agency that
promoted economic recovery by regulating production, prices, and wages
PWA (Public Works Administration) - ✔✔New Deal agency that provided
millions of jobs constructing public buildings
TVA (Tennessee Valley Authority) - ✔✔gave jobs rebuilding the
Tennessee Valley; brought flood relief and hydroelectric power to the area
Works Progress Administration (WPA) - ✔✔Huge New Deal agency that
helped create jobs for those that needed them. It created around 9 million
100% Solved | Already Graded A+
Inflation - ✔✔a general increase in prices and fall in the purchasing
value of money.
Deflation - ✔✔a decrease in the general level of prices
CPI (Consumer Price Index) - ✔✔a measure of the overall cost of the
goods and services bought by a typical consumer
Real GDP - ✔✔the production of goods and services valued at constant
prices
Nominal GDP - ✔✔the production of goods and services valued at
current prices
unemployment rate - ✔✔the percentage of the labor force that is
unemployed
The Federal Reserve - ✔✔the central bank of the United States
Tariff - ✔✔A tax on imported goods
Stock Market - ✔✔A system for buying and selling shares of companies
,Great Depression - ✔✔A time of utter economic disaster; started in the
United States in 1929.
localism - ✔✔policy relied on by President Hoover in the early years of
the Great Depression whereby local and state governments act as primary
agents of economic relief
Trickle Down Economics - ✔✔Hoover's strategy battling the Great
Depression in which the money is given to the big corporations and
eventually they will pay their workers more, and then the workers will spend
their money and save the economy.
Hoover Dam - ✔✔huge public works project on the Colorado River that
provided jobs, water for irrigation, and power
Bonus Army - ✔✔1932 - Facing the financial crisis of the Depression,
WW I veterans tried to pressure Congress to pay them their retirement
bonuses early. Congress considered a bill authorizing immediate
assurance of $2.4 billion, but it was not approved. Angry veterans marched
on Washington, D.C., and Hoover called in the army to get the veterans
removed
Herbert Hoover - ✔✔31st President of the United States - need to know
responses to the Great Depression
, Franklin D. Roosevelt (FDR) - ✔✔Franklin D Roosevelt took office as
president of the United States. He started his presidency off with the First
Hundred Days, which was the beginning of the New Deal. During this
period, FDR and congress passed hundreds of bills that promoted social
welfare and initiated programs coined alphabet soup programs.
Fireside Chats - ✔✔informal talks given by FDR over the radio; gained
the confidence of the people
FDIC (Federal Deposit Insurance Corporation) - ✔✔the government
agency that insures customers' deposits if a bank fails
CCC (Civilian Conservation Corps) - ✔✔relief that provided work for
young men 18-25 years old in food control, planting, flood work, etc.
NRA (National Recovery Administration) - ✔✔New Deal agency that
promoted economic recovery by regulating production, prices, and wages
PWA (Public Works Administration) - ✔✔New Deal agency that provided
millions of jobs constructing public buildings
TVA (Tennessee Valley Authority) - ✔✔gave jobs rebuilding the
Tennessee Valley; brought flood relief and hydroelectric power to the area
Works Progress Administration (WPA) - ✔✔Huge New Deal agency that
helped create jobs for those that needed them. It created around 9 million
