Final answer:
The statement that the party holding the White House does well in good economic times is generally true, as seen in historical trends like the election of Herbert Hoover. However, this is a trend rather than a rule, with various factors influencing electoral outcomes.
Step-by-step explanation:
The statement 'In good economic times, the party holding the White House generally does well' is generally true. Historically, the performance of the economy has had a significant impact on the political fortunes of the incumbent party. When the economy is performing well, the party in power often enjoys increased public support, which can translate into electoral success. This phenomenon was evidenced by the election of Herbert Hoover in 1928, during a period of prosperity associated with Republican policies.
However, it is important to note that this is a general trend and not a rule, as multiple factors can influence electoral outcomes. For example, the market revolution, which brought about significant social and economic changes, also reshaped political dynamics in the United States, and various global and domestic events can shift the public’s perception of an incumbent party’s performance, despite the economic climate.