Final answer:
The passage describes the effects of the Great Depression, including bank failures, business failures, layoffs and unemployment, and agricultural challenges, which led to widespread homelessness and hunger. It includes statistics on unemployment rates and farm income loss, illustrating the severity of the economic crisis.
Step-by-step explanation:
The effects of the Great Depression described in the passage include numerous bank failures, with more than five thousand banks collapsing and the savings of over nine million Americans vanishing. The passage also details widespread business failures, as reflected by the lack of funds to hire workers or purchase materials, leading to a severe decline in industrial output. In addition, the passage speaks to significant layoffs and unemployment, with statistics indicating that by 1932, more than 13 million Americans, which amounted to a quarter of the workforce, were without jobs. Some cities, like Cleveland and New York, saw unemployment rates as high as 50 percent. Agricultural challenges are also highlighted, with total farm income plummeting from $12 billion to only $5 billion, indicating that farmers were unable to earn enough to pay their mortgages due to falling crop prices.
However, the passage does not mention any government relief efforts, which was a significant component of the era through the New Deal. It does point to the result of these economic hardships, such as homelessness and hunger, where many families found themselves without work and a place to live, facing starvation and malnutrition.