Modern Principles: Microeconomics
Modern Principles: Microeconomics
4th Edition
ISBN: 9781319098766
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
Question
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Chapter 20, Problem 1FT
To determine

Items in federal budget and spending.

Expert Solution & Answer
Check Mark

Explanation of Solution

From the list, foreign aid is the smallest fraction of the U.S. federal budget. On the other hand, social security and defense are the two largest categories of federal spending.

Economics Concept Introduction

Concept Introduction:

Foreign aid: Foreign aid refers to the money that one country voluntarily transfers to another in the form of a gift, grant or loan.

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