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We can obtain per capita income of a country by calculating:
- a)the total income of a person
- b)by dividing the national income by the total population of a country
- c)the total value of all goods and services
- d)the total exports of the country.
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
We can obtain per capita income of a country by calculating:a)the tota...
1) By dividing the total income of the nation by its total population, we obtain the average income, also known as per capita income.
2) Per capita income is one of the measures of development of a country.
2) Per capita income is one of the measures of development of a country.
Most Upvoted Answer
We can obtain per capita income of a country by calculating:a)the tota...
Per Capita Income:
Per capita income is a measure of the average income earned per person in a specific country or region. It is an important economic indicator that helps in assessing the standard of living and economic well-being of the population. There are several methods to calculate per capita income, but the correct answer is option 'B', which involves dividing the national income by the total population of a country.
Explanation:
To understand why option 'B' is the correct answer, let's delve into the details of each option:
a) Total income of a person:
Calculating per capita income by considering the total income of a person would provide the income of an individual, but it would not give an accurate representation of the income level of the entire country. Per capita income aims to provide an average income figure for the entire population, not just an individual.
b) Dividing the national income by the total population of a country:
This method involves dividing the total national income of a country by the total population. It provides an average income figure that represents the income level of the entire population. By dividing the national income equally among the population, this method provides a fair representation of the average income earned per person.
c) Total value of all goods and services:
Calculating per capita income based on the total value of all goods and services would give an indication of the economic output of a country but may not accurately represent the income earned by individuals. It does not take into account factors such as income distribution and variations in wages.
d) Total exports of the country:
Per capita income cannot be accurately obtained by considering the total exports of a country. Exports are a component of a country's income, but they do not account for other sources of income such as domestic production, services, and investments.
Conclusion:
The correct method to obtain per capita income is by dividing the national income by the total population of a country. This method provides a fair representation of the average income earned per person and helps in assessing the economic well-being of the population.
Per capita income is a measure of the average income earned per person in a specific country or region. It is an important economic indicator that helps in assessing the standard of living and economic well-being of the population. There are several methods to calculate per capita income, but the correct answer is option 'B', which involves dividing the national income by the total population of a country.
Explanation:
To understand why option 'B' is the correct answer, let's delve into the details of each option:
a) Total income of a person:
Calculating per capita income by considering the total income of a person would provide the income of an individual, but it would not give an accurate representation of the income level of the entire country. Per capita income aims to provide an average income figure for the entire population, not just an individual.
b) Dividing the national income by the total population of a country:
This method involves dividing the total national income of a country by the total population. It provides an average income figure that represents the income level of the entire population. By dividing the national income equally among the population, this method provides a fair representation of the average income earned per person.
c) Total value of all goods and services:
Calculating per capita income based on the total value of all goods and services would give an indication of the economic output of a country but may not accurately represent the income earned by individuals. It does not take into account factors such as income distribution and variations in wages.
d) Total exports of the country:
Per capita income cannot be accurately obtained by considering the total exports of a country. Exports are a component of a country's income, but they do not account for other sources of income such as domestic production, services, and investments.
Conclusion:
The correct method to obtain per capita income is by dividing the national income by the total population of a country. This method provides a fair representation of the average income earned per person and helps in assessing the economic well-being of the population.
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