In 2010, the Combined Expenditures of Federal, State, and Local

question 309

Multiple Choice

In 2010, the combined expenditures of federal, state, and local governments in the United States were approximately 40 percent of gross domestic product (GDP) . Approximately what percentage of GDP were government expenditures in 1930?

• A) 9 percent
• B) 19 percent
• C) 29 percent
• D) 39 percent

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Definitions:

Debt To Income Ratio

A personal finance measure comparing an individual's debt payments to their overall income, often used by lenders to assess borrowing capacity.

Government Debt

The total amount of money that a government owes to creditors, which can include foreign governments, domestic banks, and other financial institutions.

Lifetime Income

The total amount of money earned by an individual over the course of their life.

Consumption Tax

A tax on the purchase of goods and services, paid directly by consumers.