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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

True or False:

a. Federal spending has grown substantially in recent decades.

b. By world standards, the U.S. government controls a relatively large share of the U.S. economy.

c. A majority of the federal government’s revenue Is collected through personal income taxes.

d. Education spending is slightly larger at the federal level than at the state and local level.

e. State and local government spending has not risen much in recent decades.

f. Defense spending is higher now than ever.

g. The share of the economy going to federal taxes has increased substantially over time.

h. Foreign aid is a large portion, although less than half, of federal spending.

I. Federal deficits have been very large for the last two decades.

j. The accumulated federal debt as a share of GDP is near an all-time high.

a)

To determine

Whether federal spending has grown substantially in recent decades.

Explanation

The statistical figures indicate that federal spending has increased by more than 38 folds in the last four decades. However, the increase in federal spending is increase in nominal spending...

b)

To determine

True or false: U.S. government controls a relatively large share of the U.S. economy as per the world standards.

c)

To determine

True or false: A majority of federal government’s revenue is collected through personal income taxes.

d)

To determine

True or false: education spending is slightly larger at the federal level than at state or local level.

e)

To determine

True or false: State and local government spending has not risen much in recent decades.

f)

To determine

True or false: Defense spending is higher now than ever.

g)

To determine

True or false: Share of the economy going to federal taxes has increased overtime.

h)

To determine

True or false: foreign aid is a large portion, although less than half, of federal spending.

i)

To determine

True or false: Federal deficits have been very large for the last two decades.

j)

To determine

True or false: As a share of GDP, the accumulated federal debt is near an all-time high.

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