Modern Principles of Economics
Modern Principles of Economics
4th Edition
ISBN: 9781319098728
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
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Chapter 20, Problem 1FT
To determine

Items in federal budget and spending.

Expert Solution & Answer
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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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