Refer to the Following Table When Answering
Table

question 18

Multiple Choice

Refer to the following table when answering
Table 2.1: U.S. 2011-2012 Expenditures ($ billions)
$$\begin{array} { l | c c } \hline & 2011 & 2012 \\\hline \text { Personal consumption expenditures } & 10,729 & 11,120 \\\text { Goods } & 3,625 & 3,783 \\\text { Services } & 7,104 & 7,337 \\\text { Gross private domestic investment } & 1,855 & 2,062 \\\text { Fixed investment } & 1,818 & 2,004 \\\text { Change in private inventories } & 37 & 58 \\\text { Net exports of goods and services } & - 568 & - 560 \\\text { Exports } & 2,094 & 2,184 \\\text { Imports } & 2,662 & 2,744 \\\text { Government expenditures } & 3,060 & 3,063 \\\text { Federal } & 1,222 & 1,214 \\\text { State and local } & 1,838 & 1,849 \\\hline\end{array}$$
-Consider Table 2.1, which tabulates GDP for 2011-2012. The federal government's share of total GDP in 2011 was about:

• A) 19.5 percent
• B) 7.7 percent
• C) 12.2 percent
• D) 20.3 percent
• E) 8.1 percent

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Definitions:

Accrued Salaries

These are wages that have been earned by employees but have not yet been paid by the employer.

Depreciation Expense

The systematic allocation of the cost of a tangible asset over its useful life, reflecting its consumption or wear and tear.

Services Provided

Activities done for others as an economic product that are intangible, not stored, and produced at the time of consumption.

Unearned Ticket Revenue

Money received from ticket sales before the event has occurred, classified as a liability until the service is performed.