What Is the Main Norm Used by the World Bank in Classifying Different Countries as Rich and Poor Countries? What Are the Restrictions of Such Norms?

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The main norm used by the World Bank in classifying different countries as rich and poor countries is per capita income.

Restrictions are:

  1. Average income hides the disparity.
  2. Average income does not tell us the distribution of income among the people.
  3. It is just a material criteria for the comparison.

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  3. Average income is important but it has limitations while using it. Explain.
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