The Federal Budget Is Just Like State and Local Budgets

question 17

True/False

The federal budget is just like state and local budgets, having the same amount of resources to sustain deficits and the same amount of fiscal authority that state and local governments do.

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Definitions:

American Economy

The economic system of the United States, characterized by a mixed economy with private freedom combined with centralized economic planning and government regulation.

Massive Corporations

Large-scale businesses or companies that operate in multiple countries, often having significant influence on the global economy.

Unions

Organizations formed by workers from related fields who join together to advocate for better working conditions, wages, and benefits.