The Bread line was a staple of most major cities in America in the 1930's. Each morning many people would line up looking for a meal, which as the name suggest, would usually consist of a piece of bread and possibly some soup. Often the length of these lines would far exceed the amount of food that was available.

The Great Society is most similar to the New Deal because they both aim to help poor Americans by creating programs such as Medicare (Johnson) and Social Security (FDR). All of the other answer describe socially and fiscally conservative (some would say regressive) principles.

The corporation was arguably one of the biggest reasons behind increased industry during the early 20th century. The corporation, in its original form, originally existed only at the behest of the state legislature; in order to form a corporation, you had to petition the state legislature to grant you a “charter” and, generally, the legislature would only hand out charters for “public interest” businesses (such as a hospital).

Around the turn of the 20th century, however, state legislatures started loosening up restrictions on corporations; currently, all you need to do to create a corporation is to file articles of incorporation with (generally) the secretary of state of the state in which you wish to incorporate—and it can be for ‘any lawful purpose.’

Perhaps the most interesting thing about corporations is that they are limited liability—that is, you cannot be held liable (on the hook monetarily) for more than you put in to the company.

This is a tricky question. To begin with, the Federal Reserve (the “Fed”) is an immensely complicated topic, and one that is (mostly) far beyond the scope of your course. More importantly, however, the FRA of 1913 did not create the first Bank of the US. Hopefully you’ll remember that the First Bank of the US was Hamilton’s brainchild, and came into being during the 1790s. The FRA created the Federal Reserve, which—and this is a gross oversimplification—created our central banking system. 

This is a relatively simple question, although it had the potential to be difficult. At any rate, the purported purpose of the AAA was to artificially raise the rates of agricultural products. Essentially, and for a variety of reasons beyond the scope of this test, the economy happened to converge in such a fashion that there was a glut of agricultural products on the market at a time when demand was lower than usual. This caused the prices of agricultural products to plunge. In an effort to combat this problem, FDR pushed the AAA through Congress. The AAA basically attempted to dry up the supply (and thus raise the prices) by paying farmers to keep crops off of the market.

The Smoot-Hawley Tariff increased agricultural and industrial tariffs to the highest level in nearly one hundred years. It was a well-intentioned bill, by all means (although the end result was catastrophic).

Remember: a tariff is a protectionist measure that artificially increases the prices of imported goods (so that they are either on equal footing or more expensive than their home-grown counterparts). The Smoot-Hawley Tariff was, in large part, an attempt to shore up a floundering American agricultural and industrial sector.

Unfortunately for Hoover, almost all of America blamed him for the Great Depression, mainly due to the fact that the Depression occurred about eight months into his first term. The Great Depression was the result of a variety of factors, none of which are truly attributable to Herbert Hoover; however, Hoover often takes the fall because he steadfastly refused to take drastic steps to address the Great Depression.

During the Great Depression and World War II, the Roosevelt administration spent large on government programs and grants, producing a large post-war economic boom that also produced a long time consensus in economic matters. This consensus began to shift during the large amounts of unemployment and inflation, a condition known as stagflation, in the 1970s. During his 1980 Presidential campaign and during his administration, Ronald Reagan successfully lobbied for Supply Side economics, which favored lowering taxes and deregulating businesses.

The Federal Reserve Act was designed (at least according to most politicians of the time and the majority of modern historians) to bust the banking monopolies of JP Morgan and others. It directed that the banking system should be placed under public control. Banks remained private, but were now to be both supervised and supported by the newly created Federal Reserve Board. This allowed the government to better control currency practices and credit.