Which of the Following Statements Characterizes the 1970s in the United

question 55

Multiple Choice

Which of the following statements characterizes the 1970s in the United States?

• A) The victories of the Vietnam War left Americans proud and eager to show their strength in other similar crises around the world.
• B) Whereas the 1950s and 1960s had been a period of simplicity and conservation in America, the 1970s saw the onset of carefree consumerism.
• C) The nation's bicentennial of its independence from Great Britain saw Americans demonstrating unprecedented faith in the American dream.
• D) Although the American economy was flourishing, the public experienced a period of discontent due to a series of scandals involving the Carter administration.
• E) The nation experienced public frustration and a loss in self-confidence in the wake of the failed Vietnam War, Watergate scandal, and spike in oil prices.

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Definitions:

Sales Dollars

A term referring to the total revenue generated from the sale of goods or services, expressed in monetary value.

High-Low Method

A method employed in cost accounting that calculates estimated variable and fixed costs using the highest and lowest activity levels.

Fixed Cost

A cost that does not change with an increase or decrease in the amount of goods or services produced or sold by a business.

Degree of Operating Leverage

A measure that quantifies how much sales revenue can affect operating income due to the presence of fixed costs in a company's cost structure.