New 👉 Ask your RBI Grade B 2025 Preparation Queries Here!!

    Question

    Which one of the following is the most appropriate

    measure of country’s economic Growth?
    A Gross Domestic Product Correct Answer Incorrect Answer
    B Net Domestic Product Correct Answer Incorrect Answer
    C Net National Product Correct Answer Incorrect Answer
    D Per Capita Real Income Correct Answer Incorrect Answer
    E None of these Correct Answer Incorrect Answer

    Solution

    Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population. Per capita income is often used to measure an area's average income. This is used to compare the wealth of one population with those of others. It is usually expressed in terms of a commonly used international currency such as the euro or United States dollar, and is useful because it is widely known, is easily calculable from readily available gross domestic product (GDP) and population estimates, and produces a useful statistic for comparison of wealth between sovereign territories. This helps to ascertain a country's development status. 

    Practice Next