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Disadvantages of GDP

The average i...

Question

The average income of each individual in one year in the country is called _________.

A

national income

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B

gross domestic product

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C

per capita income

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D

personal income

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Solution

The correct option is C per capita income

Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population.

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Q. The per capita income of a country is measured by asking the income of each and every individual of a country.

Q. Imagine a country with a population of 15 million. The national income of the country is ₹22,500 million. How much will an average individual earn in this country?

Q. Per capita income is the total value of all goods and services produced in a country in one year.

Q. Assertion (A): Per capita income cannot be considered a helpful measure to judge the welfare of the citizens.

Reason (R): Per capita income is just the average income of the country.

Q. Domestic Income of a country can be more than its National Income.

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