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Year 11 Exam  >  Year 11 Tests  >  Economics for GCSE/IGCSE  >  Test: Households - Year 11 MCQ

Test: Households - Year 11 MCQ


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10 Questions MCQ Test Economics for GCSE/IGCSE - Test: Households

Test: Households for Year 11 2024 is part of Economics for GCSE/IGCSE preparation. The Test: Households questions and answers have been prepared according to the Year 11 exam syllabus.The Test: Households MCQs are made for Year 11 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Households below.
Solutions of Test: Households questions in English are available as part of our Economics for GCSE/IGCSE for Year 11 & Test: Households solutions in Hindi for Economics for GCSE/IGCSE course. Download more important topics, notes, lectures and mock test series for Year 11 Exam by signing up for free. Attempt Test: Households | 10 questions in 20 minutes | Mock test for Year 11 preparation | Free important questions MCQ to study Economics for GCSE/IGCSE for Year 11 Exam | Download free PDF with solutions
Test: Households - Question 1
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What term is commonly used to describe expenditure within an economy?

Detailed Solution for Test: Households - Question 1
Consumption refers to the amount households spend on goods and services within an economy.
Test: Households - Question 2
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How do prevailing interest rates affect household spending?

Detailed Solution for Test: Households - Question 2
Lower interest rates typically reduce the cost of borrowing and encourage households to save less and spend more.
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Test: Households - Question 3
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What factor can hinder low-income households from accessing bank loans at competitive rates?

Detailed Solution for Test: Households - Question 3
Low-income households often lack assets to provide as security, making it difficult to access loans at competitive rates from banks.
Test: Households - Question 4
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Which entity commonly requires security for extending loans to households?
Detailed Solution for Test: Households - Question 4
Commercial banks typically require security such as collateral when extending loans to households.
Test: Households - Question 5
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What economic factor significantly impacts the amount households spend?
Detailed Solution for Test: Households - Question 5
Inflation rates influence the purchasing power of households and affect their spending decisions.
Test: Households - Question 6
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How does disposable income relate to household savings?
Detailed Solution for Test: Households - Question 6
Disposable income represents the amount available for saving after taxes, and higher disposable income typically results in higher savings.
Test: Households - Question 7
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Which economic indicator reflects households' confidence in future financial stability?
Detailed Solution for Test: Households - Question 7
The consumer confidence index measures the sentiment of households regarding the economic outlook and their financial stability.
Test: Households - Question 8
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What role do money lenders play in household borrowing?
Detailed Solution for Test: Households - Question 8
Money lenders typically require significant collateral and charge higher interest rates, making borrowing expensive for households.
Test: Households - Question 9
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How do commercial banks influence household borrowing patterns?
Detailed Solution for Test: Households - Question 9
Commercial banks have the authority to set interest rates, affecting the affordability and demand for loans by households.
Test: Households - Question 10
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What impact do prevailing interest rates have on household borrowing?
Detailed Solution for Test: Households - Question 10
Lower interest rates generally reduce the cost of borrowing, making it more attractive for households to borrow for consumption or investment purposes.
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Important Questions for Households

Find all the important questions for Households at EduRev.Get fully prepared for Households with EduRev's comprehensive question bank and test resources. Our platform offers a diverse range of question papers covering various topics within the Households syllabus. Whether you need to review specific subjects or assess your overall readiness, EduRev has you covered. The questions are designed to challenge you and help you gain confidence in tackling the actual exam. Maximize your chances of success by utilizing EduRev's extensive collection of Households resources.

Households MCQs with Answers

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Online Tests for Households Economics for GCSE/IGCSE

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