1. Government expenditures in the United StatesThe first table that follows shows government expenditures as a percentage of GDP for selected years. For the same years, the first table also showsdifferent categories of federal expenditures as percentages of total federal government expenditures. The second table shows government tax revenueas a percentage of GDP for the selected years. The second table also shows different categories of federal tax receipts as percentages of total federaltax receipts. (Source: "U.S. Government Printing Office.")Government Expenditures (GDP %)State andLocal7%10%14%Year195019702011Federal16%19%24%Government Tax Receipts (GDP %)State andYear195019702011Federal14%19%15%Local7%10%*Including transportation, agriculture, veterans' benefits, international affairs, housing, and so on.14%Income Security13%22%50%Expenditures as a Share of the Federal Government BudgetEducation Net Interest onand HealthFederal DebtIndividualIncome Taxes40%47%47%National Defense32%40%20%2%11%Social Insurance13%Federal Government ReceiptsTaxes11%23%36%Corporate11%9%6%Income Taxes Excise Taxes26%17%8%19%8%3%Others*42%Others4%5%18%11%6% Which of the following statements are true? Check all that apply.00Between 1950 and 2011, total government expenditures (federal, state, and local combined) grew from about one-fourth of GDP to morethan one-third of GDP.As of 2011, the federal government financed most of its outlays with individual income taxes and social insurance taxes.Federal taxes as a percentage of GDP were lower in 2011 than they were in 1970.Between 1970 and 2011, national defense expenditures as a percentage of the federal budget grew, while income security expendituresas a percentage of the federal budget declined.

Fiscal Policy refers to the use of government spending and taxation to influence the economy. The…

The first table that follows shows government expenditures as a percentage of GDP for selected years. For the same years, the first table also shows different categories of federal expenditures as percentages of total federal government expenditures. The second table shows government tax revenue as a percentage of GDP for the selected years. The second table also shows different categories of federal tax receipts as percentages of total federal tax receipts. (Source: "U.S. Government Printing Office.")

The first table that follows shows government expenditures as a percentage of GDP for selected years. For the same years, the first table also shows different categories of federal expenditures as percentages of total federal government expenditures. The second table shows government tax revenue as a percentage of GDP for the selected years. The second table also shows different categories of federal tax receipts as percentages of total federal tax receipts. (Source: "U.S. Government Printing Office.")

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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