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A budget reveals the spending plan for the fiscal year, as well as the government's financial priorities and goals.
Constantly increasing
Government censorship
Why might the government freeze assets?
To stop crime activity.
Higher costs for production, leading to higher consumer prices.
The president gives a proposed budget to Congress.
Congress decides on the details of the budget.
The president signs spending bills into law.
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The Office of Management and Budget (OMB) and the president prepare a proposed budget.
Congress decides on the overall level of spending and taxation and passes specific spending bills.
The president signs various spending bills into law.
a group of producers working together to raise prices and profits
Politicians might use pork barrel spending to win support from their constituents.
The public goods the government provides suffer from a free-rider problem.
when there is a budget surplus
Producers are driven by the profit motive to work against competition
The government limits freedom of speech when they use censorship.
By providing product information
A restriction on when a union may call a strike
A. Social security _ government agency
B. U.S. Postal Service _ government corporation
C. Boeing _ government contractor
Merit good : education
Public good : national security
Individual good : food
Organization of Petroleum Exporting Countries competition regulator
Lockheed Martin Corporation government contractor
Antitrust Division of the Department of Justice cartel
