The Largest Single Portion of State and Local Budgets Is

question 140

Multiple Choice

The largest single portion of state and local budgets is devoted to

• A)state and local defense.
• B)health and public welfare programs.
• C)state and local unemployment compensation.
• D)education.
• E)interest payments on state and local debt.

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Definitions:

Labor Costs

Expenses associated with compensating the workforce, including wages, salaries, benefits, and related taxes paid by an employer for the work done by employees.

Total Costs

The total of variable and fixed expenses associated with the creation of goods or services.

Wage Rates

Refers to the fixed amount of compensation paid to employees for their labor, typically expressed per hour, day, or piece produced.

Labor Demand

This represents the total amount of workers that employers are willing and able to hire at a given wage rate in a given time period.