What are the most important spending items of the federal government? Of state and local governments?
Answer to relevant QuestionsExplain why each of the following is either a private good or a public good: traffic lights, in line skates, a city park, a chicken salad sandwich, a tennis racket, national defense, a coastal lighthouse. If government decides, it can reduce defense spending and even spending on education to a penny, but it can't do that with Social Security. Why not? (Hint: Distinguish between a trust fund and discretionary government ...What are Treasury securities? Who owns them? Using 1990 as the base year (= 100), suppose Egypt's terms of trade in 2010 were 60. Explain what that means for Egypt in 2010 compared to Egypt in 1990. Is the United States a nation that believes in and promotes free trade? Trace the history of U.S. tariffs to make your point.
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