37. Before becoming president, FDR was the governor of: a. New York. b. Massachu

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37. Before becoming president, FDR was the governor of: a. New York. b. Massachusetts. c. Virginia. d. Georgia e. Illinois. 38. The bank “holiday” was declared by FDR in his first days in office. The soundest banks in the twelve Federal Reserve cities opened back up in about: a. two days. b. one week. c. one month. d. two months. e. three months. 39. Which of the following was not among the alphabet-soup list of agencies, or legislative acts, created, passed, or in place during Roosevelt’s first year in office? a. AAA b. FERA c. TVA d. RFC e. EEOC 40. To deal with a presumed “underconsumption” problem, the NIRA: a. set production quotas. b. established maximum wages. c. required firms to cut prices by 3%-5% per year. d. All of the above. e. None of the above. 41. There was a mini-economic recovery in the second quarter of 1933, which we observe by noting: a. significant increases in non-durable goods production. b. significant increases in durable goods production. c. declines in the unemployment rate. d. All of the above. e. Only A and C of the above. 42. The depression of 1937-38: a. saw unemployment back up to 20%. b. occurred even through real GDP kept growing, albeit slowly. c. was attributed, in part, to the Fed’s reduction in the required reserve ratio. d. All of the above. e. None of the above. 43. According to Smiley, which of the following is false? a. FDR believed that businesses would be hurt by the loss of the NRA and would exert pressure for a new version of the NRA. b. FDR’s acceptance speech for his party’s nomination for a second term was characterized as an attack on free enterprise. c. FDR claimed that inefficient government programs were the main cause of the 1937-1938 depression. d. The Fed raised the required reserve ratio on banks in 1936 and 1937 that led to a severe decrease in the money supply. e. All of the above are false. 44. According to Smiley, which of the following is true? a. Before the Great Depression, federal budget deficits were normal. b. Prior to the Great Depression, the states received most of their revenue from the federal government. c. Old Age Assistance was a larger program than Social Security until the early 1970s. d. According to Smiley, the lesson of the Great Depression is that “governments failed, not markets.” e. All of the above are true. 45. According to Smiley, which of the following is false? a. FDR’s second New Deal policies were so popular that Democrats made major gains in the 1938 elections. b. The idea behind using fiscal policy to combat a depression is that low interest rates are insufficient to boost investment by enough to restore full employment. c. From data reconstructions after the fact, it is clear that the Fed had a very strong “tight money” policy throughout the 1930s. d. During World War II, increases in investment were insufficient to offset depreciation, so America’s capital stock declined. e. All of the above are false. 46. According to Smiley, which of the following are important lessons to learn from the Great Depression? a. FDR’s able handling of the economy saved capitalism. b. World War II finally brought an end to the Great Depression. c. The Great Depression led to a decline in the regulatory state. d. The Great Depression was quite severe because of regime uncertainty. e. All of the above. 47. When did the U.S. go totally off the gold standard? a. 1913. b. 1929. c. 1933. d. 1971. e. 2001.

Explanation / Answer

37 new york

38 one week

39 RFC

40 set production quotas

Can answer only 4 parts according to chegg policy. Please send other parts as separate question

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