When Thomas Jefferson Was Elected President in 1800, One of His

question 55

Multiple Choice

When Thomas Jefferson was elected president in 1800, one of his goals was to

• A) limit the power of the federal government.
• B) use government to regulate the greed of corporate interests.
• C) implement an activist, pro-French foreign policy.
• D) knit the nation together by building a federally financed transportation network.

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Definitions:

Aggregate Demand And Supply Model

An economic model that explains price levels and the production of goods and services through the relationship between aggregate demand and supply.

Short-Run Phillips Curve

Describes the inverse relationship between the rate of inflation and the unemployment rate over a short period.

Rational Expectations

The theory that people optimally use all the information they have, including information about government policies, when forecasting the future.

Sacrifice Ratio

A measure of the economic cost associated with reducing inflation, often calculated as the percentage loss in output per percentage point decrease in inflation.