Question 1

Local governments rely heavily on property taxes.

Accepted Answer

Local governments receive a significant portion of their funding from property taxes, which are assessed on the value of real property (land and buildings).

Question 2

Interest on the national debt,as a percentage of federal expenditures,has increased significantly since 1965.

Accepted Answer

The answer of Interest on the national debt,as a percentage...

Question 3

Personal income and Social Security payroll taxes are currently the largest sources of government revenue.

Accepted Answer

According to the Office of Management and Budget, personal income taxes and Social Security payroll taxes are the two largest sources of government revenue, accounting for approximately 83% of total federal revenue in 2021.

Question 4

Do you think it is correct policy that the federal government is not required to finance all of its expenditures with tax revenues and is allowed to borrow? What are the implications of this policy?

Accepted Answer

The answer of Do you think it is correct policy...

Question 5

Payroll taxes are a major financing tool at the federal level.

Accepted Answer

Payroll taxes, such as Social Security and Medicare taxes, are a significant source of revenue for the federal government.

Question 6

In 2005,the federal government spent 345.8 billion dollars on income security.

Accepted Answer

According to the historical tables on federal spending provided by the Office of Management and Budget, in 2005 the federal government spent $345.8 billion on income security programs such as Social Security, Supplemental Security Income, and unemployment compensation.

Question 7

Why do/should we care that federal expenditures are becoming an increasingly larger portion of GDP?

Accepted Answer

The answer of Why do/should we care that federal expenditures...

Question 8

The Constitution of the United States says nothing about state economic activity.

Accepted Answer

The answer of The Constitution of the United States says...

Question 9

Discuss your views on government intervention regarding tobacco consumption.

Accepted Answer

The answer of Discuss your views on government intervention regarding...

Question 10

Expenditures,as a percentage of GDP for the United States,are not very different than those of other industrialized nations.

Accepted Answer

According to data from the Organisation for Economic Co-operation and Development (OECD), the United States spends approximately 17.2% of its GDP on health care, which is similar to the expenditure percentage of other OECD countries.

Question 11

Write an essay discussing some of the reasons that federal expenditures for Social Security have increased since 1965.

Accepted Answer

The answer of Write an essay discussing some of the...

Quiz 1: Introduction