Which Statement Is NOT True

question 247

Multiple Choice

Which statement is NOT true?

• A) Normal profit is the same as accounting profit.
• B) Economic profit cannot be measured by accounting methods.
• C) Normal profit is equal to zero economic profit.
• D) Economic profit is always smaller than accounting profit.

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Definitions:

Zhu Yuanzhong

Also known as Hongwu Emperor, founder of the Ming Dynasty in China, ruling from 1368 to 1398, noted for his successful expelling of the Mongols and significant agricultural, military, and administrative reforms.

Ming Dynasty

A major Chinese dynasty that ruled from 1368 to 1644, known for its trade expansion to the outside world and cultural achievements such as porcelain, literature, and the building of the Great Wall.

Kinship

A social bond based on common ancestry, marriage, or adoption that forms an intricate network of relationships within societies.

Porcelain

Extremely fine, hard, white ceramic. Unlike stoneware, porcelain is made from a fine white clay called kaolin mixed with ground petuntse, a type of feldspar. True porcelain is translucent and rings when struck.