ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Norway is an example of a ____
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LIC
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MIC
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HIC
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NIC
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Explanation:
Detailed explanation-1: -High income country (HIC)-a country that has a GNI per capita of $12, 535 or above according to the World Bank. These are richer countries that have lots of industry and service jobs such as the UK and Japan.
Detailed explanation-2: -India is the only BRICS country in the World Bank category. India continues to be a lower-middle-income country along with 46 others, while Sri Lanka has climbed to the upper-middle-income group for the fiscal year 2020, according to the World Bank’s classification of countries by income levels, released on July 1.
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