Question

1. Explain the definitions of the four income groups.

Answer 1

Based on the World Bank definition, the four income groups are the groups in which various countries are categorized based on how their economic growth, inflation, exchange rates, and population growth influence GNI per capita.

2. The two countries within each of the four income categories are:

Low-income group

1. Afghanistan
2. Bangladesh

Lower-middle income group

1. Benin
2. Tajikistan

Upper-middle income group

1. Brazil
2. Mauritius

High-income countries income group

1. United States
2. Switzerland

3. Typically, the U.S. is one of the few countries to fall within the high-income category because they have good economic growth, lower inflation rates, favorable exchange rates, and adequate population growth that positively impact their GNI per capita.

4. When comparing poverty in the U.S. to poverty in low-income economies, it is always concluded that poverty in the United States is less extreme.

There is no extensive famine and drastic stunting of children in the US, unlike low-income countries.

Hence, in this case, it is concluded that Income groups are one of the ways to categorize the countries of the world based on socio-economic statistics.

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