Tangible Property, Such as Automobiles, Furniture, and Equipment, and Intangible

question 73

Multiple Choice

Tangible property, such as automobiles, furniture, and equipment, and intangible property, such as securities, patents, and copyrights, are collectively referred to as ________.

• A) real property
• B) immovable property
• C) personal property
• D) fixtures

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Definitions:

Circular Flow

A model in economics that depicts how goods and services and money move through the economy between households, businesses, government, and foreign sectors.

Value Added

The increase in worth of a product or service as a result of a particular process, calculated by the difference between the sale price and the production cost.

Double Counting

The error of including the same transaction or item more than once in a calculation or analysis, leading to inaccurate results.

Injections

Additional spending entering the economy, typically through government spending, investment, and exports, which stimulates economic activity.