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Which one of the following was experienced during Great Depression of 1929?
[2010 (T-1)]
- a)Increase in production and income
- b)Increase in employment and trade
- c)Decrease in production and employment
- d)All the above
Correct answer is option 'C'. Can you explain this answer?
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Which one of the following was experienced during Great Depression of ...
Introduction:
The Great Depression of 1929 was a severe worldwide economic depression that lasted from 1929 to the early 1940s. It was the longest, deepest, and most widespread depression of the 20th century. During this period, several significant changes occurred in the economy.
Decrease in production:
One of the main characteristics of the Great Depression was a significant decrease in production. This decline was observed across various industries and sectors, leading to a decrease in the overall output of goods and services.
- Many factories and businesses were forced to shut down or reduce their production due to a lack of demand and financial difficulties.
- The agricultural sector also experienced a decrease in production, resulting in falling crop prices and income for farmers.
Decrease in employment:
The Great Depression caused a massive increase in unemployment rates as businesses struggled to stay afloat and cut costs. This led to widespread job losses and a significant decrease in employment opportunities.
- Many workers were laid off as companies downsized or closed down completely.
- Unemployment rates reached unprecedented levels, with millions of people out of work and struggling to find employment.
Impact on trade:
The economic downturn during the Great Depression also had a negative impact on international trade.
- Countries implemented protectionist measures, such as high tariffs and import restrictions, to protect their domestic industries.
- Global trade volumes declined significantly as countries focused on internal recovery and reduced their imports and exports.
Conclusion:
The Great Depression of 1929 was a period of economic turmoil characterized by a decrease in production, employment, and trade. It had a profound impact on individuals, businesses, and economies worldwide, leading to widespread suffering and hardship.
The Great Depression of 1929 was a severe worldwide economic depression that lasted from 1929 to the early 1940s. It was the longest, deepest, and most widespread depression of the 20th century. During this period, several significant changes occurred in the economy.
Decrease in production:
One of the main characteristics of the Great Depression was a significant decrease in production. This decline was observed across various industries and sectors, leading to a decrease in the overall output of goods and services.
- Many factories and businesses were forced to shut down or reduce their production due to a lack of demand and financial difficulties.
- The agricultural sector also experienced a decrease in production, resulting in falling crop prices and income for farmers.
Decrease in employment:
The Great Depression caused a massive increase in unemployment rates as businesses struggled to stay afloat and cut costs. This led to widespread job losses and a significant decrease in employment opportunities.
- Many workers were laid off as companies downsized or closed down completely.
- Unemployment rates reached unprecedented levels, with millions of people out of work and struggling to find employment.
Impact on trade:
The economic downturn during the Great Depression also had a negative impact on international trade.
- Countries implemented protectionist measures, such as high tariffs and import restrictions, to protect their domestic industries.
- Global trade volumes declined significantly as countries focused on internal recovery and reduced their imports and exports.
Conclusion:
The Great Depression of 1929 was a period of economic turmoil characterized by a decrease in production, employment, and trade. It had a profound impact on individuals, businesses, and economies worldwide, leading to widespread suffering and hardship.
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Which one of the following was experienced during Great Depression of 1929?[2010 (T-1)]a)Increase in production and incomeb)Increase in employment and tradec)Decrease in production and employmentd)All the aboveCorrect answer is option 'C'. Can you explain this answer?
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