Where is this Book of Mormon action supposed to be happening?

Per the Mormon action figures pictured here (via Fark), where exactly is this ancient action supposed to happening?

That’s actually a big mystery in Mormon culture. The Book of Mormon was supposed to take place in the Americas somewhere (except the early parts, which take place in the middle east starting in Jerusalem in 600BC), but it doesn’t specify where.

The book speaks of a “land northward” and a “land southward” joined by a “narrow neck of land,” so it was assumed for a long time that these referred to all of North America, all of South America, and Central America (Panama in particular), respectively.

However, modern Mormon scholars point out that the action in the book could not possibly have covered so much area, and the genetic studies we have done prove that the American Indians are not descended from people that came from Jerusalem in 600BC.

Now it is most commonly claimed that the Book of Mormon takes place on the Yucatan peninsula in Mexico, and that the Nephites and Lamanites of the Book of Mormon merged into the large surrounding population of natives, thus accounting for why their DNA has never shown up.