My daughter is a sophomore in high school taking an econ class. Unfortunately, the teacher has chosen not to use the assigned text book, and uses other material for his tests. Therefore, I can't help her study the text. These questions were part of the review for today's test. Can anyone tell me if these are standard beginning h.s. econ questions?
1. The law of diminishing returns (A) is the same as the law of variable proportions; (B) is always true in the short run; (C) only applies to a situation in which some of the input factors are fixed; (D)all of the above; (E)none of the above.
2. Fixed cost (A) has some influence on variable cost; (B) has no influence on marginal cost; (C) has no influence on the most profitable rate of output; (D) all of the above; (E) none of the above.
3. Total cost (A) increases as output increases; (B) is a positive but not a linear function of output and sales; (C) goes up at the same rate as the variable cost goes up; (D) all of the above; (E) none of the above.
These questions were on a paper headed: "Chapter 21 - Short-Run Analysis: How Efficiency Changes as Output Changes."
Thanks for your help.
These questions are related to the topic of short-run analysis and cost analysis in economics. Here are the step-by-step answers to each question:
1. The law of diminishing returns states that as additional units of one input are added to fixed amounts of other inputs, beyond some point, the marginal product of the variable input will begin to decrease. In the given options, the correct answer is (C) only applies to a situation in which some of the input factors are fixed.
2. Fixed costs are costs that do not vary with changes in the level of output or production. In the given options, the correct answer is (C) has no influence on the most profitable rate of output.
3. Total cost refers to the sum of fixed costs and variable costs. In the given options, the correct answer is (A) increases as output increases.
So, to answer your question, these questions are standard beginning high school economics questions on the topic of short-run analysis and cost analysis.
To determine if the questions are standard beginning high school economics questions, you can follow these steps:
1. Review the learning objectives for a standard high school economics course. You can find these objectives in the course curriculum or syllabus provided by the school or the district.
2. Compare the questions to the learning objectives to see if they align. Look for keywords and concepts mentioned in the questions that are also in the learning objectives.
3. If the questions relate to the topics covered in the curriculum and align with the learning objectives, then they can be considered standard beginning high school economics questions.
Regarding the specific questions you shared:
1. The law of diminishing returns is a concept in economics, and it is true that it is the same as the law of variable proportions. The law of diminishing returns states that as the use of one factor of production increases while other factors are held constant, the marginal productivity of that factor will eventually decrease. Therefore, the correct answer is (A) - the law of diminishing returns is the same as the law of variable proportions.
2. Fixed cost is a type of cost in economics that does not vary with the level of production. It does have some influence on variable cost because it is a component of total cost. However, fixed cost does not directly influence marginal cost. The correct answer would be (E) - none of the above.
3. Total cost is the sum of fixed cost and variable cost. As output increases, both fixed and variable costs increase, leading to an increase in total cost. Therefore, the correct answer is (A) - total cost increases as output increases.
These questions appear to be related to the topic mentioned on the paper heading, "Chapter 21 - Short-Run Analysis: How Efficiency Changes as Output Changes." However, to be sure if they are specifically covered in a standard high school economics course, it would be best to consult the official curriculum or speak with the teacher or school administration.