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Q.

Choose the given statement as true/false:

Average income is per capita income.

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a

True

b

False

answer is A.

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Detailed Solution

The above statement is true.
The average income is calculated by dividing the nation's overall income by its population. Per capita income is another name for the average income. Income is regarded as one of the most crucial characteristics when comparing nations. The World Bank employs this criterion to categorise nations in its World Development Reports. High-income or rich countries had a per capita income of at least US$ 49,300 annually in 2019, while low-income countries had a per capita income of US$ 2,500 or less. More developed than less developed nations are those with higher incomes.

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