10 true/false (@ 1 pt. for 10 total points) 1. The slowdown in the American economy preceded the stock market crash of October 1929.

2. Smiley argues that growth in the 1920s was real, and not an illusion. To illustrate he notes that automobile ownership rose from 1.2 per household to about 2.5 per household over that decade.

3. During the 1920s, the sector of the American economy that performed the best and led the way in terms of economic growth was agriculture.

4. During the initial stages of the Great Depression, President Hoover convinced many American industrialists to raise wages by at least 5% per year.

5. In the summer of 1930, President Hoover signed into law the Smoot-Hawley tariff, noting that it was supported by an open letter signed by over 1,000 economists.

6. In early 1931 there were a number of "food riots" across America as desperately poor and unemployed people sought to survive the winter.

7. With the spreading financial crisis in central Europe, Austria, Hungary and Germany froze foreign deposits and controlled foreign exchange to stem the outflow of gold, essentially taking them off of a gold standard.

8. In 1931, with the country in the midst of the depression, the Federal Reserve raised interest rates in order to stem the outflow of gold.

9. A protest march on Ford's River Rouge plant in 1932 resulted in tear gas and gunfire leaving four dead.

10. In March of 1933, unemployment outside of the agricultural sector was estimated to be approaching 40%.