"Even the old generation thinks like us."
Translation:Anche la vecchia generazione pensa come noi.
Is it acceptable to say "la generazione vecchia"? I don't know where I got the idea that it is okay to put a descriptor after the noun, but it seemed correct to me.
It is correct, but sometimes changing the adjective position changes the implied meaning; in this case "la vecchia generazione" is the previous generation, while "la generazione vecchia" would be the generation of old people, though that isn't really used. Another more easily understandable example: "un mio vecchio amico" (an old friend of mine) vs "un mio amico vecchio" (a friend of mine who is old).
Why is the correct form of pensare "pensa" (he/she/it thinks) for this sentence? Why not "pensano" (they think)?
Well, it's "thinks" in English too, isn't it? I'm not sure if that's always the case in English, but in Italian the conjugation depends only on the grammatical subject person, and "la generazione" is singular, regardless of how many people it includes.