The Text Suggests That Understanding History Can Help Us Understand

question 51

Multiple Choice

The text suggests that understanding history can help us understand today's events, and offers a look at families and the changing economy as an example. What is an economic feature of families today?

• A)The unemployment rate is about twice as high as it was in 2007 before the recession.
• B)About 10 percent of minimum-wage workers are age 25 or older.
• C)Workers are finding that the number of jobs with nonstandard schedules has begun to decline, and this is difficult for couples with children and hard on their marriages.
• D)The proportion of workers who work full-time, year-around has increased due to immigration.
• E)The minimum wage for teenagers is $1.00 an hour lower than it is for adults.

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Definitions:

Financial Statements

Reports that summarize the financial condition and operations of a business, including balance sheet, income statement, and cash flow statement.

FIFO

First-In, First-Out, an accounting method for managing inventory and financial matters where the oldest inventory items are sold or used first.

Inventory Costing

A method used to assign costs to inventory items and determine the cost of goods sold during a period.

Purchase Order

A document issued by a buyer to a seller, specifying the types of products, quantities, and agreed prices for products or services the seller will provide to the buyer.