ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -State and local governments spend most of their resources on education and health care programs. In 2020, about one-third of state and local spending went toward combined elementary and secondary education (21 percent) and higher education (9 percent).

Detailed explanation-2: -What is the largest category of spending by local governments? The largest category of spending by local governments is elementary and secondary education.

Detailed explanation-3: -Elementary and secondary education, utilities, public safety, health, roads, street lamps, signs, and traffic lights are the main areas of expenditure of the local governments.

Detailed explanation-4: -Federal government spending pays for everything from Social Security and Medicare to military equipment, highway maintenance, education, and more. In 2022, the federal government spent the most on Social Security.

Detailed explanation-5: -1 Individual income taxes represent the largest share of federal revenues, while general sales taxes and property taxes are the most important sources of revenues for state and local governments, respectively.