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Engel's Law Quiz

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Questions and Answers

According to Engel's Law, what happens to the percentage of income allocated for food purchases as household income rises?

It decreases (correct)

It remains the same

It increases

It fluctuates

What is the main principle underlying Engel's Law?

As income rises, the percentage spent on food increases

As income rises, the percentage spent on food decreases (correct)

As income rises, the percentage spent on food remains constant

As income rises, the percentage spent on food becomes unpredictable

What are some examples of expenditure categories that have grown since Engel's time, according to the text?

Automobiles, health insurance, and mobile phones (correct)

Jewelry, luxury vacations, and designer clothing

Home appliances, gardening tools, and pet care

Entertainment systems, home decor, and gourmet food

What may some of the money spent on other things, as per Engel's Law, lead to?

<p>Greater financial security and affluence</p> Signup and view all the answers

Suppose a family with an annual household income of Rs 50,000 spends 25% of their income on food. How much do they spend on food annually?

<p>Rs 12,500</p> Signup and view all the answers

Engel's Law Quiz

Choose a study mode

Podcast

Questions and Answers

According to Engel's Law, what happens to the percentage of income allocated for food purchases as household income rises?

What is the main principle underlying Engel's Law?

What are some examples of expenditure categories that have grown since Engel's time, according to the text?

What may some of the money spent on other things, as per Engel's Law, lead to?

Suppose a family with an annual household income of Rs 50,000 spends 25% of their income on food. How much do they spend on food annually?

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