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Question
A family's socio-economic status is directly related to the standard of living.
Options
True
False
MCQ
True or False
Solution
This statement is True.
Explanation:
A family's socio-economic status is directly related to its standard of living. As one earns more money, their standard of living increases. From spending on necessities, they spend more on luxuries such as spas, house renovations, owning a bigger house/car, club and gymnasium memberships, abroad education, and entertainment (theatres, workshops/events).
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Factors Affecting Family Budget
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