Question : Which of the following curve describes the variation of household expenditure on a particular good with respect to household income?
Option 1: Demand curve
Option 2: Engel curve
Option 3: Great Gatsby curve
Option 4: Cost curve
Latest: SSC CGL preparation tips to crack the exam
Don't Miss: SSC CGL complete guide
New: Unlock 10% OFF on PTE Academic. Use Code: 'C360SPL10'
Correct Answer: Engel curve
Solution : The correct option is the Engel curve.
The Engel curve is the curve that depicts how households spend on a specific good depending on household income. An Engel curve depicts while controlling for other variables, the relationship between the quantity of a good consumed and a consumer's income. It helps to show how shifting income levels affect consumers' desire for a particular good.
Candidates can download this ebook to know all about SSC CGL.
Answer Key | Eligibility | Application | Selection Process | Preparation Tips | Result | Admit Card
Question : When demand for a good increases with an increase in income, such a good is called
Question : Which of the following cost is related to marginal cost ?
Question : Which of the following is not a component of the expenditure of the Government?
Question : The income of A is $\frac{2}{3}$ of B's income and the expenditure of A is $\frac{3}{4}$ of B's expenditure. If $\frac{1}{3}$ of the income of B is equal to the expenditure of A, then the ratio of the savings of A to those of B is:
Question : While determining income the expenditure on which of the following items is not considered as investment ?
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile