Which of the Following Is True Regarding Government Expenditures in the United

question 89

Multiple Choice

Which of the following is true regarding government expenditures in the United States?

• A) As a share of GDP, government expenditures were higher in 1950 than 2012.
• B) Government expenditures were more than 30 percent of GDP in 1930.
• C) Government expenditures as a share of GDP grew rapidly between 1930 and 1980.
• D) In 2012, government expenditures at all levels summed to approximately 10 percent of GDP.

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Definitions:

Net Income

The company's ultimate income after expenses and taxes have been taken away from total earnings.

Electronic Repair Revenues

Income generated from the business of fixing and restoring electronic devices and components to working condition.

Expenses

Expenses refer to the outflow of funds or the incurrence of a liability by a business as a result of its operations, such as costs for materials, labor, and overhead.

Owner's Equity

The residual interest in the assets of the entity after deducting liabilities.