ECONOMICS
MONETARY POLICY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Defense spending
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Social security
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Interest on the national debt
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Foreign aid
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Detailed explanation-1: -The federal budget comprises three primary components: revenues, discretionary spending, and direct spending.
Detailed explanation-2: -However, the level of state spending and taxes, as a share of GDP, has risen from about 12–13% to about 20% of GDP over the last four decades. The four main areas of federal spending are national defense, Social Security, healthcare, and interest payments, which together account for about 70% of all federal spending.
Detailed explanation-3: -19 % Social Security. 15 % Health. 14 % Income Security. 12 % National Defense. 12 % Medicare. 11 % Education, Training, Employment, and Social Services. 8 % Net Interest. 4 % Veterans Benefits and Services. More items
Detailed explanation-4: -Housing (25-35 percent) Transportation (10-15 percent) Food (10-15 percent) Utilities (5-10 percent) Insurance (10-25 percent) Medical & Healthcare (5-10 percent) Saving, Investing, & Debt Payments (10-20 percent) Personal Spending (5-10 percent) More items •28-Feb-2023