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Q.

What is the standard of income set by the World Bank for a country to be a rich country?


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a

Rs.4,53,000

b

Rs.4,03,000

c

Rs.45,300

d

None of these 

answer is A.

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Detailed Solution

To be a rich country, a nation must have a per capita income of Rs.4,53,000 and above. A rich country is a country that has enough funds to feed its people and does not depend on any other country for its financial needs. The per capita income is considered one of the most important factors when comparing two or more countries. It is calculated by the ratio of total income earned by the individuals belonging to the country and the total population of the country. The World Bank had set an upper-income limit for a country to be declared a rich country of Rs.4,53,000.
 
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