Consider the following statements:
Statement 1:
In terms of Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP), the United States of America ranks above India.
Statement 2:
The per capita income of the United States of America is higher than that of India.
Which of the following is correct with reference to the above statements?
1
Both Statement 1 and Statement 2 are correct and Statement 2 is the correct explanation for Statement 1.
2
Both Statement 1 and Statement 2 are correct but Statement 2 is not the correct explanation for Statement 1.
3
Statement 1 is correct but Statement 2 is not correct.
4
Statement 1 is not correct but Statement 2 is correct.