Modern Principles: Macroeconomics
3rd Edition
ISBN: 9781429278409
Author: Tyler Cowen, Alex Tabarrok
Publisher: Worth Publishers
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Question
Chapter 21, Problem 1FT
To determine
Items in federal budget and spending.
Expert Solution & Answer
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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Chapter 21 Solutions
Modern Principles: Macroeconomics
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