In 2012, the Combined Expenditures of Federal, State, and Local

question 107

Multiple Choice

In 2012, the combined expenditures of federal, state, and local governments in the United States were approximately

• A) 9 percent of GDP.
• B) 24 percent of GDP.
• C) 38 percent of GDP.
• D) 45 percent of GDP.

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Definitions:

RRSP

Registered Retirement Savings Plan, a retirement savings and investing vehicle for employees and the self-employed in Canada that provides tax benefits.

Contributions

Payments or investments made into a scheme, plan, or project by individuals or entities.

Compounded Monthly

A procedure where interest calculations are done monthly, taking into account not only the initial principal sum but also the interest accrued over prior periods.

Beginning of Each Month

The first day of each month in a calendar year.