How is per capita income calculated?

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Total income of the country divided by its population

Total GDP of the country divided by its population

Total population of the country divided by its population

None of the above

answer is A.

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Detailed Solution

Per capita income is calculated by dividing the total income of a country by the total number of people. Per capita income, which is also known as average income, is the measure used by the World Bank to classify countries as developed, developing, or underdeveloped in order to understand the phase of economic growth and development around the world. The thing about the calculation part is that when the average income is considered, it is not counted on the basis of the country's own currency.

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