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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?

It has more equitable distribution of income Signup and view all the answers

What is a limitation of using averages to compare countries?

It does not reflect income disparities Signup and view all the answers

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

10050 Signup and view all the answers

Which of the following statements is true about Country B?

Most citizens are poor and one person is extremely rich Signup and view all the answers

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

Country A has a more equitable distribution of income Signup and view all the answers

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

To compare the standard of living of countries Signup and view all the answers

What is the average annual income of a developed country?

$6700 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.