Choose whether the given statement is true/false:

Stock market crash of 1929 was one of the causes of the Great Depression.

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False

True

answer is A.

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Detailed Solution

The above statement is true.
Various reasons are thought to have contributed to the Great Depression: The Central Bank of America had implemented strict monetary policies. 1929 stock market crash bank failures were caused by the stock market fall, as more people withdrew their savings from banks, causing many to fail. Purchases were reduced as a result of reduced savings. The Tariff Act of 1930 levied hefty duties on imported products. In reaction, trading partners slapped high taxes on commodities manufactured in the United States, resulting in a two-thirds decrease in global trade between 1929 and 1934. Drought and farming techniques intensified environmental deterioration, resulting in significant expanses of non-agricultural land. This was referred to as the Dust Bowl. This was accompanied by dust storms, which damaged crops and livestock. Hence, the above statement is true.

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