How Was It Possible That the Literary Digest Erroneously Predicted

question 37

Essay

How was it possible that the Literary Digest erroneously predicted that Republican Alf Landon would beat incumbent Democrat Franklin Roosevelt in his 1936 bid for reelection,despite having obtained over 2 million responses to its poll?

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Definitions:

Standard of Value

A recognized measure that is used to set the value of financial transactions, assets, or liabilities, enabling comparability across different entities or time periods.

Backed by Gold

Historically, refers to currencies that were directly convertible into a specified amount of gold, under the gold standard.

Precautionary Motive

The desire to hold liquid assets as a safeguard against unforeseen emergencies or as a precaution against future financial uncertainties.

Speculative Motive

The intent to hold cash or assets in anticipation of future price changes to make a profit.