Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter30: Government Budgets And Fiscal Policy
Section: Chapter Questions
Problem 37CTQ: Why are expenditures such as crime prevention and education typically done at the state and local...
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Question
What is the most important source of revenue and the major type of expenditure at the federal level?
Expert Solution
Step 1
In order to correct the fluctuating economic conditions and stabilize the economy, the government uses the tools of both taxations as well as expenditure. At the federal level, there is a division of power between the center and the local levels of governments.
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