The Single Largest Expenditure by State and Local Governments Is

question 39

Multiple Choice

The single largest expenditure by state and local governments is on

• A)highways.
• B)police.
• C)public welfare.
• D)education.

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Definitions:

Innovation

The process of translating an idea or invention into a good or service that creates value and for which customers will pay.

Oligopolists

Firms or entities that dominate an industry or market in an oligopoly, where a small number of companies have significant market power and influence over prices and output.

R&D

Research and development; activities undertaken by companies or governments to innovate and introduce new products or services.

Entry Barriers

Obstacles that prevent or hinder new competitors from easily entering an industry or area of business, potentially including high startup costs, stringent regulations, or strong brand loyalty among consumers.