STAYER ECO 450 Week 2 Quiz 1 Ch . 1
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1 . On average , persons in the United States devote more of their annual budgets to taxes than they do to food .
2 . A universally observed function of government is the establishment of property rights .
3 . The total share of GDP accounted for by government spending in the United States has declined significantly since 1980 .
4 . In 1929 , the federal government spent more than was spent by state and local governments .
5 . Since 1930 , the percent of GDP devoted to government expenditures has more than tripled .
6 . The costs imposed by government regulations on business firms are included in budget data on government expenditures .