A Private College Would Record a Federal Grant Received to Test

question 57

True/False

A private college would record a federal grant received to test a medical device that the federal government intends to patent as Contributions-Temporarily Restricted.

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Definitions:

Economic Efficiency

A state in which resources are allocated in the most effective way possible to meet consumers' needs and wants, maximizing output without wasting any resources.

Capital

Resources, including financial assets, equipment, and buildings, used to produce goods and services.

Capital Goods

Long-lasting goods that are used in the production of other goods and services, such as machinery, buildings, and equipment.

Consumables

Items or products that are intended to be used up and replaced.