Who Was President of the United States When the Elementary

question 14

Multiple Choice

Who was president of the United States when the Elementary and Secondary Education Act (ESEA) was first passed?

• A) Bill Clinton
• B) Lyndon Johnson
• C) George Bush
• D) George Walker Bush

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Definitions:

Classical Economics

Laissez-faire economics. Our economy, if left free from government interference, tends toward full employment. The prevalent school of economics from about 1800 to 1930.

Fiscal Policy

Manipulation of the federal budget to attain price stability, relatively full employment, and a satisfactory rate of economic growth.

Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.

Equation of Exchange

An economic equation (MV = PQ) that relates the money supply (M) and its velocity (V) to the price level (P) and quantity of goods sold (Q).