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Disadvantages of GDP

The best indi...

Question

The best indicator of economic development of any country is __________.

A

Its agriculture

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B

Its transport

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C

Its gross production

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D

Its per capita income

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Solution

The correct option is D Its per capita income
Per capita income or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area's total income by its total population. Conventionally, per capita income is used as an index of development.

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Q. Why is per capita income not an adequate indicator of the economic development of a country?

Q. Imagine two countries A and B in the year 2004.

Country A focuses on expanding on its scale of production and achieving economic progress. Country B focuses on employing new technologies in production and achieving economic development. Additionally, the per capita income of A is

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Q. Why is the per capita income of a country a better indicator of development than just the total income?

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