What is the difference between federal purchases and federal expenditures?
a. federal purchases and federal expenditures both require that the government receives a good or service in return.
b. federal purchases require that the government receives a good or service in return, whereas federal expenditures exclude transfer payments.
c. federal purchases require that the government receives a good or service in return, whereas federal expenditures include transfer payments.
d. the difference between federal purchases and federal expenditures is so small that it is generally ignored?
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