Identify the Correct Statement About the Distribution of Income in the United

question 46

Multiple Choice

Identify the correct statement about the distribution of income in the United States in the last two decades.​

• A)The share of income of the highest fifth quantile has increased in the last two decades because of an increase in the number of double-income households.
• B)The share of income of the lowest fifth quantile has increased in the last two decades because of an increase in the number of double-income households.
• C)The share of income of the highest fifth quantile has decreased in the last two decades because of an increase in the number of single-parent households.
• D)The share of income of the lowest fifth quantile has decreased in the last two decades because of a decrease in in-kind transfers.
• E)The share of income of the highest fifth quantile has increased in the last two decades because of an increase in transfer payments.

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Definitions:

Unadjusted Cost of Goods Sold

Unadjusted Cost of Goods Sold (COGS) is the initial calculation of all costs directly associated with the production of goods before any adjustments for inventory changes or other factors.

Journal Entry

A record in the accounting journal that represents a business transaction and its effect on the accounts.

Manufacturing Overhead

All indirect costs associated with the production process, from maintenance expenses of the production facility to the supplies needed for operation.

Work in Process

Goods that are midway through the manufacturing process but are not fully finished.