Read the source given below and answer the questions that follow:For comparing countries, their income is considered to be one of the most importantattributes. Countries with higher income are more developed than others with lessincome. This is based on the understanding that more income means more of allthings that human beings need. Whatever people like, and should have, they will beable to get with greater income. So, greater income itself is considered to be oneimportant goal. Now, what is the income of a country? Intuitively, the income of thecountry is the income of all the residents of the country. This gives us the totalincome of the country. However, for comparison between countries, total income isnot such a useful measure. Since, countries have different populations, comparingtotal income will not tell us what an average person is likely to earn. Are people inone country better off than others in a different country? Hence, we compare theaverage income which is the total income of the country divided by its totalpopulation. The average income is also called per capita income. In WorldDevelopment Reports, brought out by the World Bank, this criterion is used inPage 11 of 12 Sample Question Paper Class-X 2023-24classifying countries. Countries with per capita income of US$ 49,300 per annumand above in 2019, are called high income or rich countries and those with per capitaincome of US$ 2500 or less are called low-income countries. The rich countries,excluding countries of Middle East and certain other small countries are generallycalled developed countries.1. Explain the significance of per capita Income.2. What are the classifications of countries based on per capita income, andwhich entity is responsible for determining these classifications?

Read the source given below and answer the questions that follow:For comparing countries, their income is considered to be one of the most importantattributes. Countries with higher income are more developed than others with lessincome. This is based on the understanding that more income means more of allthings that human beings need. Whatever people like, and should have, they will beable to get with greater income. So, greater income itself is considered to be oneimportant goal. Now, what is the income of a country? Intuitively, the income of thecountry is the income of all the residents of the country. This gives us the totalincome of the country. However, for comparison between countries, total income isnot such a useful measure. Since, countries have different populations, comparingtotal income will not tell us what an average person is likely to earn. Are people inone country better off than others in a different country? Hence, we compare theaverage income which is the total income of the country divided by its totalpopulation. The average income is also called per capita income. In WorldDevelopment Reports, brought out by the World Bank, this criterion is used inPage 11 of 12 Sample Question Paper Class-X 2023-24classifying countries. Countries with per capita income of US$49,300 per annumand above in 2019, are called high income or rich countries and those with per capitaincome of US$ 2500 or less are called low-income countries. The rich countries,excluding countries of Middle East and certain other small countries are generallycalled developed countries.1. Explain the significance of per capita Income.2. What are the classifications of countries based on per capita income, andwhich entity is responsible for determining these classifications?