Final answer:
Payment of dividends is not included in investment expenditures, as this expenditure category is focused on acquiring assets like machinery, structures, and inventory for future income generation, rather than returning profits to shareholders.
Step-by-step explanation:
Among the given options, payment of dividends would not be included in the expenditure category called investment expenditures. Investment expenditure is characterized by spending on new capital such as producer's durable equipment and software, nonresidential structures like factories and offices, variations in inventories, and residential structures. These types of investments are made to acquire assets that will be used for production or to generate income in the future. In contrast, advertising costs and research and development expenses, which are also mentioned in the listed options, might be considered as operational expenses but can sometimes cross over into investment if they result in significant, long-term benefits for the company; whereas, payment of dividends represents a return of profits to shareholders and is not an investment in capital assets.