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Q.

What is used to calculate the average per-individual income?

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a

Per capita income

b

Income

c

Education

d

Family background

answer is A.

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Detailed Solution

Per capita income is used to calculate the average per-individual income.
It is also used to estimate the population's quality of life and standard of life. The calculation is that when the average income is considered, it is not counted based on the country's currency. It is counted based on its dollar value. Income is the key criterion for comparing the growth of various countries. Total income is not such a helpful measure for comparing countries as average income is. Since every country has a different population, comparing total income will not give us the desired result.

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What is used to calculate the average per-individual income?