Economics · Microeconomics & Consumer Behavior
Which statement correctly defines Engel's Law of consumption?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1The percentage of income allocated for food purchases either decreases or increases as income rises.
- 2The percentage of income allocated for food purchases increases as income rises.
- 3The percentage of income allocated for luxury goods purchases decreases as income rises.
- 4The proportion of income spent on food decreases as income increases.✓
Correct answer
The proportion of income spent on food decreases as income increases.
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Economics?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Microeconomics & Consumer Behavior MCQs →Want more practice questions on Microeconomics & Consumer Behavior?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Economics · Microeconomics & Consumer Behavior