The Industrial Revolution Quiz

Industrial Revolution

• The textile industry became the dominant industry in terms of employment, value of output, and capital invested during the Industrial Revolution.

Time Period

• The Industrial Revolution took place during a specific period, which is not specified in this text.

Key Changes

• Some key changes that occurred during the Industrial Revolution include: (Changes are not specified in this text, but generally include shift from manual labor to machine-based manufacturing, development of new energy sources, and growth of factories and mass production.)

Increase in Output

• One of the factors that contributed to the increase in output during the Industrial Revolution was: (Factor is not specified in this text, but generally include technological advancements, division of labor, and increased investment in capital goods.)

Starting Point

• The Industrial Revolution started in Britain.

Diminishing Returns

• Diminishing returns in economics can be best described as: (Definition is not specified in this text, but generally refers to the phenomenon where the marginal output of a production process decreases as the quantity of a variable input (such as labor) is increased, while holding other inputs constant.)

Law of Diminishing Returns

• The law of diminishing returns is also known as the law of variable proportions.

Productivity and Efficiency

• Under diminishing returns, productivity and efficiency decrease.

Definition of Law of Diminishing Returns

• The law of diminishing returns defines the relationship between the quantity of a variable input and the resulting output, where the marginal output decreases as the input increases.

What Law of Diminishing Returns Does Not Cause

• The law of diminishing returns does not cause an increase in productivity and efficiency.