What are the major components of government outlays? A. government purchases, transfer payments, and government investment B. government purchases, transfer payments, and net interest payments C. government purchases, government consumption, and taxes D. taxes, government consumption, and net interest payments What are the major sources of government revenues? A. contributions for social insurance and indirect business taxes B. personal taxes, contributions for social insurance, indirect business taxes, and corporate taxes C. personal taxes, welfare payments, indirect business taxes, and sales taxes D. personal taxes, direct business taxes, and indirect business taxes How does the composition of the Federal government's outlays and revenues differ from that of state and local governments? A. State and local governments are large payers of net interest, while the federal government is a net recipient of interest payments. B. Most spending on nondefense goods and services is done by state and local governments