In the Elections of 1938

question 54

Multiple Choice

In the elections of 1938:

• A) Roosevelt was defeated in his bid for reelection
• B) Roosevelt's attempts to "purge" the Democratic party were largely unsuccessful
• C) Republicans won control of the House and the Democrats kept a majority of only two in the Senate
• D) Republicans won control of the Senate and Democrats kept a majority of only two in the House
• E) Roosevelt's decision to run for a third time led to Republicans calling him a fascist

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Definitions:

Income Elasticity

A measurement of how the demand for a good or service changes in response to changes in consumers' income levels.

Recession

A period of economic decline across an economy lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Demand

Refers to the desire and willingness of consumers to purchase goods and services at different prices.

Income Elasticity of Demand

An indicator of the variation in the demand for a product as a result of changes in the income levels of consumers.