Question : The best index of economic development is provided by
Option 1: Growth in per capita real income from year to year
Option 2: Growth in national income at current prices
Option 3: Growth in savings ratio
Option 4: Improvements in the balance of payments position
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Correct Answer: Growth in per capita real income from year to year
Solution : The correct option is Growth in per capita real income from year to year .
The increase in real per capita income is one of the most popular metrics for measuring economic progress. It indicates the average income of people in a nation. This measure is useful since it captures the population's overall living conditions and health.
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