Question

Pick out the correct meaning listed below to define ‘average income’.
(a) Average income of the country means the total income of the country.
(b) The average income in a country is the income of only employed people.
(c) The average income is the same as per capita income.
(d) The average income includes the value of property held.

Answer 1

Answer:

(c) average income is the same as per capita income.

Answer 2

Average Income would be defined by

(c) The Average Income is the same as per capita income.

• The Average Income is similar to the per capita income in terms of how it is calculated.
• $average \: income = \frac{total \: income}{total \: population}$
• It shows the average of the Total Income earned when it's distributed equally to the total population.