The first response of President Herbert Hoover to the Depression was to establish "associations" of business leaders and farmers that would regulate their own industries.

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This statement is true. President Hoover believed that voluntary cooperation among industries and businesses would be more effective than government intervention in addressing the economic crisis. He called for the creation of "associations" and urged businesses to work together to stabilize prices and wages. However, this approach proved ineffective in the face of the deepening Depression, and Hoover eventually had to turn to more government-led solutions.

The First Response of President Herbert Hoover to the Depression