Recall the Application about the link between happiness and GDP to answer the following question(s). Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender.According to the Application, large increases in per capita income in the United States over the past 30 years have:
A. had the greatest impact on retired people.
B. not increased happiness levels.
C. led to a higher divorce rate.
D. lowered stress levels.
Answer: B
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If a macroeconomist studying the causes of unemployment suspects that changes in technology might play a role, then this macroeconomist is at which step in the process of developing an economic model?
A) Identify the exogenous variables. B) Identify the endogenous variables. C) Compare the model with the data. D) Conduct prediction and policy analysis. E) Develop a model.
Expectations that the price level will decrease in the future will _____
a. make the current consumption function flatter b. shift the current consumption function downward c. result in an upward movement along the current consumption function d. result in a downward movement along the current consumption function e. make the current consumption function steeper
A country that shows a deficit in its financial account is a net creditor to the rest of the world
a. True b. False Indicate whether the statement is true or false
The fact that people sometimes regret having made a decision with perfectly predictable consequences:
A. cannot be explained by traditional economic models. B. suggests that people like to be unhappy. C. is a core assumption upon which traditional economic models are built. D. is a natural prediction of many traditional economic models.