increase in per capita income generally means increase in living standard.do you agree
Answers
Answer:
yes because
Explanation:
from a guide
Economists frequently measure the standard of living using Gross Domestic Product (GDP). Per capita GDP provides a quick, rough estimate of the total amount of goods and services available per person. While numerous, more complex, and nuanced metrics of the standard of living have been devised, many of them correlate highly with per capita GDP.
Standards of living are usually higher in developed countries such as the United States, than in less developed nations. In fact, basic measures of the standard of living (such as per capita GDP) are often used to define the differences between more and less developed countries. Emerging market economies usually see rising standards of living over time as they grow and develop into modern, industrialized economies.