1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
34kurt
2 years ago
13

By the summer of 1929, the economy was suffering. People had built up massive debt after a decade of fast spending. They could n

ot buy anymore, so factory production slowed. Because of this, factories shut down, and people lost their jobs. With unemployment on the rise, many people had no income. And many people had borrowed money that they now had no way of paying back. Thus, banks began to fail and close their doors. People sold what stocks they had and stopped buying shares. On October 29, 1929, known today as Black Tuesday, the stock market crashed. 16 million shares were sold in one single day. The market lost $14 billion. This caused a panic. People rushed to withdraw any money they had left in banks. For many, it was too late, and they lost their life savings. This was the official start of the nation's worst economic crisis, the Great Depression.
Based on the passage, why did people withdraw their money from banks after Black Tuesday?

By the summer of 1929, the economy was suffering. People had built up massive debt after a decade of fast spending. They could not buy anymore, so factory production slowed. Because of this, factories shut down, and people lost their jobs. With unemployment on the rise, many people had no income. And many people had borrowed money that they now had no way of paying back. Thus, banks began to fail and close their doors. People sold what stocks they had and stopped buying shares. On October 29, 1929, known today as Black Tuesday, the stock market crashed. 16 million shares were sold in one single day. The market lost $14 billion. This caused a panic. People rushed to withdraw any money they had left in banks. For many, it was too late, and they lost their life savings. This was the official start of the nation's worst economic crisis, the Great Depression.

Based on the passage, why did people withdraw their money from banks after Black Tuesday?

because the banks forced them to

so that they could buy more stocks

because the stock market crash caused them to panic

so that they could afford more goods from factories
History
1 answer:
Phoenix [80]2 years ago
7 0

Answer:

C) Because the stock market crash caused them to panic

You might be interested in
Which word best describes President Kennedy's initial approach to civil rights issues?
aksik [14]
President Kennedy was Cautious
8 0
3 years ago
Read 2 more answers
At its start, what was the primary goal of Al-Qaeda?
Rasek [7]

Answer:

A

Explanation:

7 0
3 years ago
Read 2 more answers
Who were suitcase farmers and how did they operate their farms
forsale [732]

Explanation:

farmers who did not live on the land they farmed and spent minimal time planting and harvesting crops, or who outsourced the labor. When the price of wheat fell, many farmers were unable to make a profit and abandoned their fields.

or

grower of wheat or other crops who lives outside the community except during the plowing, seeding, and harvesting seasons, often has a farm without buildings, and does much of the farming by hired custom operators.

4 0
3 years ago
Read 2 more answers
The Ku Klux Klan Question 10 options: helped freed slaves. used violence and intimidation. supported black farmers. encouraged
laiz [17]
Used violence and intimidation .
4 0
3 years ago
Read 2 more answers
Which of the following scenarios is an example of how a state may constitutionally limit free speech at a protest demonstration?
Elza [17]

Answer:

hi

Explanation:

7 0
3 years ago
Read 2 more answers
Other questions:
  • PLEASE HELP ME WRITE A SPEECH FOR HISTORY :)
    11·1 answer
  • What are three types of third parties and what impact can they have on elections?
    5·1 answer
  • What enabled
    13·1 answer
  • Why did cabot not settle on newfoundland
    8·1 answer
  • Where did the explorers think the Northwest passage WAS?
    11·1 answer
  • What year did the patriots invade canada?
    15·1 answer
  • How did the complex cycle of war debt payments and war reparation payments further frustrate any hopes of economic recovery?
    14·1 answer
  • The advancements in which of the following technologies has most changed the American job market in recent years?
    13·1 answer
  • How would you trace the creation of the Iroquois Confederation ?
    8·1 answer
  • What is Canada's role in peacekeeping?
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!