Final answer:
President Harding's phrase "return to normalcy" referred to America's desire to go back to a peacetime economy after the instability following World War I.
Step-by-step explanation:
When President Harding introduced the phrase a "return to normalcy" after World War I, he meant c. going back to a peacetime economy. This phrase encapsulated the American public's desire to move away from the upheavals of World War I and its aftermath, which included economic distress, social strife, and the Spanish flu pandemic. Harding promised to restore the United States to its pre-war state, focusing on pro-business policies, reducing government intervention in both the economy and international affairs, and promoting individual prosperity and liberty as seen during the Jazz Age. The 1920 election demonstrated a clear preference by the populace for domestic stability and economic growth over progressive reform and international entanglements.