Term the average income of the people of a country during a year ?
Correct answer: D. Per capita Income
- A. National income
- B. Domestic income
- C. Protection Income
- D. Per capita Income
Explanation
Per capita income is calculated by dividing national income by the country’s population, giving average income per person for a period. National income alone is the total income of the economy, not its per-person average.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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