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Analyze the information given below, considering one of the following correct option:
' However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country ? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income.'
  • a)
    Comparison between countries
  • b)
    Comparison of total population
  • c)
    Comparison of average income
  • d)
    per capita income
Correct answer is option 'D'. Can you explain this answer?
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Verified Answer
Analyze the information given below, considering one of the following...
Per capita income is a measure of the amount of money earned per person in a nation or geographic region. Per capita income can be 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.
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Analyze the information given below, considering one of the following...
Explanation:

The correct option is 'D' which is per capita income. Here is the detailed explanation of why per capita income is the correct option:

Comparison between countries:

- Total income is not a useful measure for comparing countries because countries have different populations.
- Comparing total income will not tell us what an average person is likely to earn in that country.
- Without considering population, countries with high total income may still have a large percentage of population living in poverty.

Comparison of total population:

- Comparing total population is not useful in determining the economic well-being of a country.
- It does not provide information on the income level of individuals in a country.

Comparison of average income:

- The average income takes into consideration the total income of the country and divides it by the total population.
- This provides a more accurate measure of the economic well-being of a country by giving an estimate of what an average person is likely to earn.
- It allows for a comparison between countries with different populations.
- The average income is also called per capita income.

Conclusion:

In conclusion, per capita income is the most useful measure for comparing the economic well-being of different countries because it considers both the total income of a country and its population. It provides a more accurate estimate of what an average person is likely to earn in that country.
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Community Answer
Analyze the information given below, considering one of the following...
Correct option is A part comparison between countries as the paragraph highlights on that only,per capia income is also a way to compare different countries.It is given wrong in Oswaal Books that option D is correct.
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Read the source given below and answer the questions by choosing the most appropriate option:Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, the greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income.In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with a per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries and those with a per capita income of US$ 2500 or less are called lowincome countries. India comes in the category of low middle-income countries because its per capita income in 2019 was just US$ 6700 per annum. The rich countries, excluding countries of the Middle East and certain other small countries, are generally called developed countries.Which of the following is an awful measure to compare income between countries?

Read the source given below and answer the questions by choosing the most appropriate option:Countries with higher income are more developed than others with less income. This is based on the understanding that more income means more of all things that human beings need. Whatever people like, and should have, they will be able to get with greater income. So, the greater income itself is considered to be one important goal. Now, what is the income of a country? Intuitively, the income of the country is the income of all the residents of the country. This gives us the total income of the country. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income.In World Development Reports, brought out by the World Bank, this criterion is used in classifying countries. Countries with a per capita income of US$ 49,300 per annum and above in 2019, are called high income or rich countries and those with a per capita income of US$ 2500 or less are called lowincome countries. India comes in the category of low middle-income countries because its per capita income in 2019 was just US$ 6700 per annum. The rich countries, excluding countries of the Middle East and certain other small countries, are generally called developed countries.Which of the following is the correct formula to calculate the average income of the country?

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Analyze the information given below, considering one of the following correct option:' However, for comparison between countries, total income is not such a useful measure. Since, countries have different populations, comparing total income will not tell us what an average person is likely to earn. Are people in one country better off than others in a different country ? Hence, we compare the average income which is the total income of the country divided by its total population. The average income is also called per capita income.'a)Comparison between countriesb)Comparison of total populationc)Comparison of average incomed)per capita incomeCorrect answer is option 'D'. Can you explain this answer?
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