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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

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Households MCQs with Answers

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Online Tests for Households Economics for GCSE/IGCSE

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