Development Test - 11

• Income of a country means the total value of goods and services produced in year by the residents of a country under consideration.
• National income is measured by NNP at factor cost.

• Sustainable development means using available resources judiciously without compromising the need of the present and future generations.
• Core themes - Economic sustainability, social sustainability and environmental sustainability.

• GDP is the total value of all final goods and services produced during a particular year in a definite territory.
• GDP can be calculated at market price or factor cost.
• INDIA - GDP- 1.877 Trillion USD.
  

The World Bank brought out the World Development Report, 2006. The criterion of average income, also known as per capita income is used in classifying countries. Accordingly, the countries were classified as rich countries or low-income countries. Thus, Countries having per capita the income of Rs 4,53,000 p.a. and above in 2004 are known as rich countries. Those with per capita income of Rs 37000 or less are known as low-income countries.

Thus, the correct answer is B.

The World Bank brought out the World Development Report, 2006. The indicator considered as the most appropriate for comparing countries was income. The average income, also known as per capita income was used to classify countries as rich countries or low-income countries. Countries with Rs 4,53,000 p.a. or more and  Rs 37000 or less were classified as rich and low income countries respectively.

Thus, the correct answer is B.

• Average income or per capita income is the total income of the country divided by the number of people in that country.
• Per capita income is the main criterion used by the World Bank in classifying different countries.

• Per capita income is the main criterion used by the World Bank in classifying different countries.
• The World Bank calculates per capita incomes of different countries in US Dollars as it is the largest used currency in the world.