Choose whether the statement is true/false.

The per capita income of different countries is calculated in dollars.

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True

False

answer is A.

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Detailed Solution

The above statement is true.
Since the dollar has been the strongest and most stable currency since the end of World War II, it is easier to compare the per capita incomes of different countries when they are converted into a common currency, such as the US dollar ($). Accordingly, the per capita income of different countries is calculated in dollars rather than in their currencies. This criterion is employed by the World Bank to categorize nations in its World Development Reports. High-income or affluent nations are those having a per capita income of at least US$49,000 annually in 2019, whereas low-income countries have a per capita income of US$2,550 or less.

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