Choose the given statement as true/false:

Average income is a crucial development factor.

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Detailed Solution

The above statement is true.
The level of the average income is a crucial indicator of development. A country's odds of developing will be better if its average income is on the higher side; conversely, those possibilities will be less likely if it is on the lower side. The country's average income is calculated as its total income divided by its population. Average income, commonly referred to as per capita income, provides information about an individual's real earnings. To determine the country's actual income, the average income is a better criterion than the total income. The World Bank measures countries using per capita income as well.

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