Q. The standard of living in a country is represented by its
Solution:
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Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year.
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It is calculated by dividing the area’s total income by its total population.
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Per capita income is national income divided by population size.
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Per capita income is often used to measure a sector’s average income and compare the wealth of different populations.
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Per capita income is often used to measure a country’s standard of living.
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