Development Test - 5

Income is the money received, especially on a regular basis, for work or through investment. It is money only which can buy material goods for an individual. 

In socialism, all means of production are owned by the community, i.e., Government, and no individual can hold private property beyond certain limit. Socialist mechanism is adopted by a country for the welfare of common masses. 

Free market economy, is one in which goods are bought and sold and prices are determined by the free market, with a minimum of external government control. A market economy is the basis of the capitalist system. In a capitalist system only the owners of capital are benefitted. 

Groundwater is an example of renewable resource as it is replenished by rain every year. The other three are non renewable resources and cannot be replenished easily. 

Per capita income (PCI) or average income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population. Per capita income is often used to measure an area's average income. This is used to see the wealth of the population with those of others. Per capita income is often used to measure a country's standard of living.

Brazil is still considered as developing due to its low GDP per capita, low living standards, high infant mortality rate and other factors. The other three mentioned countries are developed. 

Per capita income is often used to measure an area's average income. This is used to see the wealth of the population with those of others. Per capita income is often used to measure a country's standard of living. Therefore with the increase in country's per capita income there will be improvement in its standard of living. High level of per capita income and high standard of living are the main characteristics of developed countries. 

Per capita income measures the average income earned per person in a given area (city, region, country, etc.) in a specified year. It is calculated by dividing the area's total income by its total population. Here average per capita income = (₹30,000 + ₹20,000 + ₹40,000 + ₹50,000)/4 = ₹1,40,000/4 = ₹35,000

Infant mortality rate indicates the number of children that die before the age of one year as a proportion of 1000 live children born in that particular year. Kerala has least infant mortality rate with 12(per 1000 live births), Haryana has 36 while Bihar has 42.