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Chapter 16

True or False

True or False

This activity contains 10 questions.

	The expenditures of all governments in the United States – federal, state, and local governments combined – today amount to about 30 percent of GDP.    True  False

	Social welfare programs that provide classes of people with legally enforceable rights to benefits are called entitlement programs.    True  False

	The national debt in the U.S. is owed mostly to U.S. banks and financial institutions and private citizens who buy Treasury bonds.    True  False

	4. Floating the debt refers to the U.S. State Department selling new bonds to pay off the old bonds.    True  False

	The corporate income tax is the federal government’s largest source of revenue.    True  False

	The second largest source of federal revenue is the Social Security tax.    True  False

	The United States has one of the top three tax burdens among nations of the world.    True  False

	new Truefalse questionExcise taxes and customs duties account for about 3 percent of the government's revenues.    True  False

	Progressive taxation requires low income groups to pay a larger percentage of their incomes in taxes than higher incomes.    True  False

	The top 10 percent of income earners pay 69 percent of all individual income taxes.    True  False

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