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In the 1920s demand for
American farm products fell, as European countries began to recover from World
War I and instituted austerity programs to reduce their imports. The result was
a sharp drop in farm prices. This period was more disastrous for farmers than
earlier times had been, because farmers were no longer self-sufficient. They
were paying for machinery, seed, and fertilizer, and they were also buying
consumer goods. Tile prices of the items farmers bought remained constant, while
prices they received for their products fell. These developments were made worse
by the Great Depression, which began in 1929 and extended throughout the
1930s.
In 1929, under President Herbert Hoover, ,the Federal
Farm Board was organized. It established the principle of direct interference
with sup ply and demand, and it represented the first national commitment to pro
vide greater economic stability for farmers.
Pre
A. The impact of the Great Depression.
B. The shrinking of overseas markets.
C. The destruction caused by the First World War.
D. The increased exports of European countries.