Which term is used to denote the mean income computed for every man, woman, and child in a particular group including those living in group quarters?

Correct option is A

The correct answer is Per capita income.
Per capita income is a statistical measure that calculates the average income earned per person in a particular area (city, region, or country) in a specified year. It includes every individual within the population, irrespective of whether they are earning an income or not, such as children, elderly, and those living in institutions like prisons or nursing homes.
· Per capita income is commonly used to compare the economic well-being of different countries or regions.
· It is calculated by dividing the total income of the area by its total population.
· It reflects the average income of the population but may not accurately represent income distribution.
· Per capita income is often used in economics and statistics as an indicator of living standards.
· Higher per capita income generally indicates a better economic condition of a country or region.
Information Booster:
· Gross Domestic Product (GDP) measures the total value of goods and services produced in a country during a specific period, but it doesn’t reflect individual income levels.
· Per hundred income is not a standard term in economics; it is a misnomer and does not exist in economic terminology.
· Population Reference Census Statistics (PRCS) refers to demographic and census data but is not related to income measurement.