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Engel's Law Quiz
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Engel's Law Quiz

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@MercifulOstrich

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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

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