Personal consumption expenditures include all of the following EXCEPT spending on

Intellectual property is

a. a special form of capital b. a type of labor c. a special type of service d. cheap to produce, but expensive to transmit e. a kind of entrepreneurial ability

When an investment project generates output that is valued more highly than the value of the resources required for its production,

a. undertaking the project will create wealth. b. it will generally be profitable to undertake the project if property rights are securely defined and enforced . c. entrepreneurs seeking profit will have little incentive to undertake such projects. d. both a and b are correct.