The correct configuration involves checking the country code obtained from the geolocate_ip_1 action block against a list of banned countries. Therefore, the Select parameter should be set to geolocate_ip_1:action_result.data.*.country_iso_code, the evaluation option should be set to 'in,' and the Select Value should be set to custom_list:Banned Countries. This configuration accurately assesses whether the IP address falls within a banned country based on the geolocation data.

Enabling the Logging option for a playbook's settings means that more detailed logging information is available in the Investigation page. This aids in thorough inspection and understanding of each step executed, helping in investigating any issues or actions taken by the playbook.

A container in a SOAR (Security Orchestration, Automation, and Response) system refers to the core structure that holds the data related to incidents or events. Once a container is created, its basic properties, such as ID and initial metadata, cannot be modified. This is essential for maintaining the integrity and traceability of incident data. Other elements, like comments, notes, and artifacts, can typically be modified to allow for updates and additional context as an incident evolves.