In General, as a Country's Income Increases, So Does the Demand

question 32

Multiple Choice

In general, as a country's income increases, so does the demand for imports.

• A)True
• B)False

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Definitions:

Intellectual Property

A category of property that includes intangible creations of the human intellect, such as inventions, literary and artistic works, designs, and symbols.

Intangible Asset

Assets that do not have physical substance but hold value for a business, such as patents, trademarks, and goodwill.

Tangible Asset

Physical and material assets that possess value, such as machinery, buildings, and inventory.

Goodwill Asset

An intangible asset that represents the excess value of a purchased company over the fair value of its identifiable tangible and intangible assets.