Identify the Truthfulness of the Following Statements

question 55

Multiple Choice

Identify the truthfulness of the following statements.
I. A firm can earn a positive accounting profit but a negative economic profit.
II. Opportunity cost is included in the definition of economic profit but not in the definition of accounting profit.

• A) Both I and II are true.
• B) Both I and II are false.
• C) I is true; II is false.
• D) I is false; II is true.

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Definitions:

Gender Inequalities

Disparities between individuals based on their gender, often manifested in differences in economic, political, social, and cultural opportunities, rights, and treatment.

Health

A state of complete physical, mental, and social well-being, not just the absence of disease or infirmity.

60-day Note

A 60-day Note is a short-term financial instrument or promissory note that promises repayment of the principal, along with any agreed interest, within 60 days.