Choose the statement as true/false:

The countries economically dependent on US loans faced acute crises.

see full answer

Your Exam Success, Personally Taken Care Of

1:1 expert mentors customize learning to your strength and weaknesses – so you score higher in school , IIT JEE and NEET entrance exams.

An Intiative by Sri Chaitanya

True

False

answer is A.

(Unlock A.I Detailed Solution for FREE)

Best Courses for You

JEE

NEET

Foundation JEE

Foundation NEET

CBSE

Detailed Solution

The above statement is true.
The countries economically dependent on US loans faced acute crises.
The Great Depression lasted from 1929 to 1933 until the middle of the 1930s. During this time, production, employment, earnings, and commerce experienced sharp declines in most parts of the world. Each country experienced depression at a different time, with different results. Midway through the 1920s, numerous countries financed their investments with loans from the US. It was frequently relatively easy to obtain loans in the US when business was thriving, but as soon as things started to get nasty, US international lenders fell into a panic. In the first half of 1928, US loans to foreign countries exceeded $1 billion. Just a quarter of that amount remained a year later. Largely dependent on US finance, countries were suddenly thrust into a catastrophic problem.

Watch 3-min video & get full concept clarity