Incomes of U.S.households in the 1970s and 1980s

question 32

Multiple Choice

Incomes of U.S.households in the 1970s and 1980s

• A)grew rapidly,due to the widespread success of labor unions in pushing up wages during those decades.
• B)grew rapidly,due to several increases in the minimum wage during those decades.
• C)grew rapidly,due to government policies that discouraged the importation of foreign products during those decades.
• D)grew slowly,due to slow growth of the output of goods and services per hour of U.S.workers' time during those decades.

---

Definitions:

Work In Process

Inventory that includes goods in the middle of the production process but not yet completed, representing a portion of a manufacturing company's current assets.

Manufacturing Overhead

All indirect costs associated with the manufacturing process, such as utilities for the production plant, depreciation of manufacturing equipment, and salaries of maintenance personnel.

Factory Labor

The workforce engaged in the production process within an industrial facility, including both direct and indirect labor costs.

Equivalent Units

A concept used in cost accounting to convert partially completed goods into a number of complete units for inventory and production cost purposes.