Which of the following countries can be classified as rich countries?

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Country A with a per capita income of US $ 900

Country B with a per capita income of US $ 15580

Country C with a per capita income of US $ 12280

Both (2)and(3)

answer is D.

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Detailed Solution

Country B with a per capita income of US $ 15580 and Country C with a per capita income of US $ 12280 can be classified as rich countries.
A common way to classify countries based on their financial status is to look at their average or per capita incomes. We can measure the level of development a country has achieved based on the average income of citizens in that country. According to the World Bank, which brings out the World Development Reports, countries with a per capita income of US$ 12235 per annum and above in 2017 are classified as high-income countries. Countries with a per capita income of US$ 1006 or less are classified as low-income countries. So, according to the question, countries A and D, with a per capita income of less than US$1000 per annum, can be classified as poor countries, and countries B and C, with a per capita income of more than US$ 12235 per annum, can be classified as rich countries.

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