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1. Digital Study Guide, written by William Walstad
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After reading this chapter, you should be able to:

1. Describe how the World Bank distinguishes between industrial advanced countries (high-income nations) and developing countries (middle-income and low-income nations).
2. List some of the obstacles to economic development.
3. Explain the vicious circle of poverty that afflicts low-income nations.
4. Discuss the role of government in promoting economic development within low-income nations.
5. Describe how industrial nations attempt to aid low-income countries.