According to Data Compiled by the Bureau of Economic Analysis

question 53

Multiple Choice

According to data compiled by the Bureau of Economic Analysis, in 2018, total government spending (comprising purchases and transfers) in the U.S. was about

• A)10 percent of the economy's total output.
• B)32 percent of the economy's total output.
• C)58 percent of the economy's total output.
• D)27 percent of the economy's total output.

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Definitions:

Society's Production

The total output of goods and services produced by all sectors within a society or economy.

Capital Goods

Long-term assets such as machinery, buildings, and equipment purchased by companies to produce goods and services.

Consumer Goods

Consumer goods are products bought by individuals or households for personal use, such as clothing, food, and household items.

International Specialization

The practice of countries focusing on the production of goods and services for which they have a comparative advantage, leading to trade.