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Describe the great depression of 1929. |
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Answer» Solution :The great depression of 1929 affected the developed ECONOMIES like USA, EUROPE, etc. During this period, the output and employment fell by huge AMOUNT. The AGGREGATE demand was low, many factories were lying idle, workers were thrown out of jobs. Income levels were falling, there was widespread unemployment. In USA from 1929 to 1933, unemployment rate rose 3% to 25 % and output fell by about 33%. |
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