Take the following as truth: Investment in nonfederal physical property refers to those expenses incurred by the Federal Government for the purchase, the construction, or the major renovation of physical property owned by state and local governments, including major additions, alterations, and replacements; the purchase of major equipment; and the purchase or improvement of other physical assets.
Then the following statement: "Investment in private property refers to expenses by the government for intellectual property" is true, false, or inconclusive?
Answer: False