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    Question

    Consider the following statements: 1. The World

    Bank assigns the world’s economies to four income groups, low, lower-middle, upper-middle, and high-income countries. 2. The classifications are updated each year on 1st July and are based on Gross National Income (GNI) per capita in the current USD of the previous year. Which of the statements given above is/are incorrect?
    A 1 Only Correct Answer Incorrect Answer
    B 2 Only Correct Answer Incorrect Answer
    C Both are incorrect Correct Answer Incorrect Answer
    D None Correct Answer Incorrect Answer

    Solution

     The World Bank assigns the world’s economies to four income groups—low, lower-middle, upper-middle, and high-income countries. Hence, statement 1 is correct.   The classifications are updated each year on 1st July and are based on Gross National Income (GNI) per capita in the current USD of the previous year. Hence, statement 2 is correct.   GNI is the total amount of money earned by a nation's people and businesses. 

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