Federalists Advocated Rule by

question 73

Multiple Choice

Federalists advocated rule by

• A) the majority.
• B) elites uninfluenced by the informed masses or "the best people."
• C) farmers.
• D) industrial workers.
• E) native-born citizens only.

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Definitions:

Substitution Effect

The economic principle that as prices rise or income decreases, consumers will replace more expensive items with less costly alternatives.

Output Effect

The Output Effect describes how changes in price levels affect the quantity of goods and services produced in an economy, influencing overall economic output.

Substitute Resources

Alternative means or materials that can be used to achieve the same function or production goal in the absence of preferred resources.

Price of Capital

The cost of using capital assets for production, including interest rates on loans or opportunity costs of using own capital.