The World Bank classifies countries into four groups. This classification is based upon:
Correct answer: D. Gross National Income per capita
- A. Economic growth rate
- B. Labour force participation rate
- C. Unemployment rate
- D. Gross National Income per capita
Explanation
The World Bank groups economies by income using gross national income per capita, which reflects the average income available to residents. Growth, unemployment and labour-force participation are separate economic indicators.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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