Economics Development Aspirations
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Questions and Answers

What is the approximate average annual income of developed countries?

  • $5000
  • $8000
  • $10000
  • $6700 (correct)
  • Why is average income used to compare countries?

  • It is a measure of the country's GDP
  • It is a measure of the country's economic development
  • It is one of the most important attributes for country comparison (correct)
  • It is a measure of the country's population
  • What do averages hide?

  • Economic development
  • Income inequality
  • Disparities (correct)
  • Poverty rates
  • Why would people prefer to live in Country A?

    <p>It has more equitable distribution of income</p> Signup and view all the answers

    What is a limitation of using averages to compare countries?

    <p>It does not reflect income disparities</p> Signup and view all the answers

    What is the average monthly income of citizens in Country A?

    <p>10050</p> Signup and view all the answers

    Which of the following statements is true about Country B?

    <p>Most citizens are poor and one person is extremely rich</p> Signup and view all the answers

    What is the main difference between Country A and Country B?

    <p>Country A has a more equitable distribution of income</p> Signup and view all the answers

    What is the purpose of comparing countries based on average income?

    <p>To compare the standard of living of countries</p> Signup and view all the answers

    What is the average annual income of a developed country?

    <p>$6700</p> Signup and view all the answers

    Study Notes

    Income and Development

    • Per capita income is an important attribute to compare the development of countries or regions.
    • Table 1.3 shows the per capita income of Haryana, Kerala, and Bihar in 2018-19, with Haryana having the highest (Rs 2,36,147) and Bihar the lowest (Rs 40,982).

    Average Income

    • Average income is used to compare countries, which is the total income of a country divided by its total population.
    • The World Bank uses per capita income to classify countries, with high-income countries having a per capita income of $49,300 or more, and low-income countries having a per capita income of $2,500 or less.
    • India is classified as a low-middle-income country, with a per capita income of $6,700 in 2019.

    Development and Disparities

    • Average income can hide disparities, and a more equitable distribution of income is preferred.
    • Country A is preferred over Country B, despite having the same average income, because of its more equitable distribution of income.

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    Description

    This quiz covers individual aspirations and goals related to income and other criteria. It explores how people think about better income and other goals.

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