economicsChoose if the given statement is True/False:There are better ways to compare countries or states than Averages.

Choose if the given statement is True/False:


There are better ways to compare countries or states than Averages.


  1. A
    True
  2. B
    False 

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    Solution:

    The above statement is True.
    Averages are not the best way to compare countries or states because averages hide the reality. Averages do not show the disparities. They do not show the distribution of income among different people. For example, there are two countries, A and B, with four citizens. In Country A, all of the residents earn 6000 dollars per annum, which means the Average Income of Country A is 6000 dollars per annum, and in country B, the residents earn 500, 1000, 1500, and 21000 dollars. The Average Income of country B is also 6000 per annum. But, in country B, the Average Income is distributed unequally among the residents. Some better ways to compare countries are Gross Domestic product (GDP), Literacy Rate, Unemployment and the per capita income.
     
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