can low levels of living exist simultaneously with high levels of per capita income? explain and give some examples
Solution-
No, low level of living can not exist simultaneously with high capita income, because if their is a high per capita income then people in an economy live in a high level of living.Per capita income or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. However, higher per capita income does not always mean higher standard of living. For measuring the well being of people of various nations we need to consider two things: 1. Income of people of the nations or within various regions of a nation 2. Price of the commodities in a nation or within various regions of a nation.
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