Households

A household spends 50% of their income and saves 50% of their income. This is regarded as a good saving strategy.

• True

• False

When a household acts as a professional, it means they typically own a business that does not benefit the economy

• True

• False

Continuously spending money helps the economy.

• True

• False

A household is not the main sector for the consumption of an ecnonomy

• True

• False

Consumption means using up of resources

• True

• False

A household typically purchases goods and services produced by industries

• True

• False

If a household's income is $950 a month and they spend 70% of it on expenses and the rest is kept as savings, what is the value of the savings for the month?

• $390

• $342

• $285

• $190

If a household uses 75% of their salary on expenses which totals to $750. How much is the households total income?

• $250

• $25

• $245

• $321

Which of the following is regarded as a household necessity?

• Laptop

• Health insurance

• An internet connection

• A kitchen

Why is a household important to the economy?

• They use the economy to survive

• They produce for and consume from the economy

• They work for the government