The United States and the United Kingdom are two major __________-oriented systems

In applying the lower of cost or market rule, the floor is defined as:

a) current replacement cost b) historical cost c) net realizable value d) net realizable value less a normal profit margin

A period of expansion in the business cycle ends when

A) the business cycle reaches its peak. B) the business cycle reaches its trough. C) real GDP is less than potential GDP. D) real GDP is equal to potential GDP.