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Wall Street Crash of 1929

What do you know about Wall Street Crash of 1929?  Try this US History Made Easy Quiz.  "Check Your Answers" at the end of the page.

Trivia powered by Prof. Walter1. Three phrases - Black Thursday, Black Monday, and Black Tuesday - are used to describe this collapse of stock values. All three are appropriate, for the crash was not a one-day affair. The initial crash occurred on Black Thursday (October 24, 1929), but it was the catastrophic downturn of Black Monday and Tuesday (October 28 and October 29, 1929) that precipitated widespread panic and the onset of unprecedented and long-lasting consequences for the United States. The collapse continued for a month.

  • True or False?

2. The October 1929 crash came during a period of declining real estate values in America (which peaked in 1925) near the beginning of a chain of events that led to the Great Depression, a period of economic decline in the industrialized nations. This led to the institution of landmark financial reforms and new trading regulations.

  • True or False?

3. It was a precursor to the Crash, was a time of prosperity and excess in the city, and despite warnings against speculation, many believed that the market could sustain high price levels. What was the period called?

  • The Gay '90s
  • World War I
  • The Roaring Twenties

4. After a five-year run when the world saw the Dow Jones Industrial Average increase in value fivefold, prices peaked at 381.17. What was the date?

  • September 3, 1929
  • September 13, 1929
  • September 23, 1929

5. At 1 p.m. on Friday, October 25, several leading Wall Street bankers met to find a solution to the panic and chaos on the trading floor.  Who was NOT at the meeting?

  • Morgan Bank
  • Chase Bank
  • Lowndes Bank

6. How much did the Dow Jones Industrial Average lose on Black Monday, October 28, 1929?

  • 10%
  • 13%
  • 15%

7. How much did the Dow Jones Industrial Average lose on Black Tuesday, October 29, 1929?

  • 10%
  • 12%
  • 16%

8. In 1931, the Pecora Commission was established by the U.S. Senate to study the causes of the crash. The U.S. Congress passed a bill 1933, which mandated a separation between commercial banks, which take deposits and extend loans, and investment banks, which underwrite, issue, and distribute stocks, bonds, and other securities. What was the legislation?

  • Glass-Steagall Act
  • Connors-Murphy Act
  • Byrd-Montgomery Act

9. The Wall Street Crash had a major impact on the U.S. and world economy, and it has been the source of intense academic debate [historical, economic and political] from its aftermath until the present day.

  • True or False?

10. Who wrote "It was not the downturn in the business cycle, trade protectionism or the 1929 stock market crash that plunged the country into deep depression. It was the collapse of the banking system during three waves of panics over the 1930-33 period."

  • Joseph Schumpeter
  • Thomas K. McCraw
  • Milton Friedman

Wall Street Crash of 1929 (Answers)

  1. True
  2. True
  3. The Roaring Twenties
  4. September 3, 1929
  5. Lowndes Bank
  6. 13%
  7. 12%
  8. Glass-Steagall Act
  9. True
  10. Milton Friedman

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