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.This Application addresses the economic concept of:
A. real versus nominal GDP.
B. fluctuations in GDP.
C. GDP as a measure of welfare.
D. measuring a nation's national income.
Answer: C
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Can the Federal Reserve achieve both low inflation and low levels of unemployment? Explain
What will be an ideal response?
If there is a decrease in world investment ________
A) domestic investment would fall B) net capital outflow would increase C) the domestic interest rate would go up D) all of the above E) none of the above
To John Maynard Keynes, investment demand depends less upon the availability of saving than upon the profit expectations of producers
Indicate whether the statement is true or false
If a series of major technological breakthroughs occur in the economy at the same time, then the most likely outcome would be that the economy's
a. investment curve will shift downward b. investment curve will shift upward c. consumption curve will shift downward d. consumption curve will shift upward e. position along the existing investment curve will move upward