ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the total amount of money a country makes in a year
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the average amount of money earned by each person in a country
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the amount of capital a person owns
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none of the above
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Detailed explanation-1: -Per capita income is used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population. Per capita income for a nation is calculated by dividing the country’s national income by its population.
Detailed explanation-2: -Per capita income represents the average income of an individual in a country. It reflects the people’s standard of living and can be used to compare the economic conditions of various countries.
Detailed explanation-3: -The meaning of per capita income total amount of income earned by each person in a country or a geographic location.
Detailed explanation-4: -Per capita income is also known as average income as it is calculated by dividing the total income of the country by the total population of the country.
Detailed explanation-5: -Answer: Countries with a per capita income of US $ 12276 per annum and above in 2010 are called rich countries. Question: According to World Development Report, which countries have been categorized as low-income? Answer: Countries with a per capita income of US $ 1005 or less are called low-income countries.