Final answer:
The statement "Expenditure is the most volatile component of total spending" is false when considering the overall characteristics of government spending, such as federal, education, and defense spending, all of which do not exhibit the highest volatility in total spending.
Step-by-step explanation:
The statement "Expenditure is the most volatile component of total spending" can be considered false. When discussing the volatility of components in total spending, especially related to economics and fiscal policy, expenditure refers typically to government spending which changes with economic conditions and policy decisions.
Considering the true or false statements provided:
- Federal spending has grown in nominal dollars but not necessarily as a share of GDP.
- The U.S. government does not control a large share of the U.S. economy by world standards.
- The majority of the federal government's revenue is not collected through personal income taxes alone.
- Education spending is higher at the state level than at the federal level.
- Defense spending is not higher now than ever, both as a share of GDP and in real dollars.