Question : The economic progress of a country is determined by:
Option 1: an increase in the per capita income of the people of the country.
Option 2: increase in the price of produced capital goods during the year.
Option 3: increased numbers of trade Unions.
Option 4: fall in the general price level of a country.
Correct Answer: an increase in the per capita income of the people of the country.
Solution : The correct option is an increase in the per capita income of people in the country .
Increases in per capita income are frequently used to gauge a nation's economic success. The average income per person in a specific region is known as per capita income, and it is derived by dividing the area's total income by the population. However, because it does not consider income disparity, per capita income alone does not give a full picture of a nation's economic development.
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