The Founders Who Strongly Supported Limiting the Authority of the Federal

question 60

Multiple Choice

The Founders who strongly supported limiting the authority of the federal government, as well as allowing states to overrule that authority, included:

• A) Hamilton and Washington
• B) Jefferson and Madison
• C) Marshall and Hamilton
• D) Franklin and Adams

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Definitions:

Revealed Preferred

A theory in economics that preferences of consumers can be understood from their purchasing habits and choices, as observed from actual market behavior.

WARP

The Weak Axiom of Revealed Preference, a concept in microeconomics that asserts if a consumer prefers bundle A over bundle B when both are affordable, then the consumer will not choose B over A when B's price decreases making it more affordable.

Bundle

A group or collection of items that are offered together as a single package.

Laspeyres Price Index

A price index that measures the relative price change of a basket of goods and services, using the quantities from the base period.