Which of the following statements about the combined 2003 budgets of state and local governments is false?
A) Purchases of goods and services by state and local governments exceed the purchases of goods and services made by the federal government by more than 2 to 1.
B) Expenditure by the federal government on defense exceeded total outlays of state and local governments.
C) State and local governments pay more interest than they earn each year, but the federal government earns more than it pays.
D) Both b and c.
E) None of the above.
Correct Answer:
Verified
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