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What was a long-term effect of the stock market crash?A.People had more to spend.B.People had more than one job.C.Many banks were closed.D.Banks made more loans

Question

What was a long-term effect of the stock market crash?A.People had more to spend.B.People had more than one job.C.Many banks were closed.D.Banks made more loans

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Solution

The long-term effect of the stock market crash was C. Many banks were closed.

Here's a step-by-step explanation:

  1. The stock market crash led to a sudden and drastic fall in stock prices. This meant that many people and businesses lost a significant amount of money.

  2. As a result of these losses, many people were unable to repay their loans to the banks.

  3. This led to a large number of defaults, which put a financial strain on the banks.

  4. Many banks were unable to cope with this strain and ended up closing down. This was a long-term effect of the stock market crash.

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