Eco 7
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Questions and Answers

According to the Easterlin paradox, what is the relationship between long-term growth rates of happiness and income?

  • There is no significant correlation between happiness and income growth (correct)
  • Happiness decreases as income grows
  • Income growth leads to initial increases in happiness, but eventually levels off
  • Happiness increases proportionally with income growth

    • What is a limitation of objective measures of well-being?

  • They require normative choices and assumptions (correct)
  • They are only applicable to developed countries
  • They rely on social comparisons
  • They are difficult to quantify

    • What does the Capability Approach focus on, according to Sen?

  • The kinds of activities individuals can undertake and the kinds of persons they can be (correct)
  • The amount of resources available to individuals
  • The overall happiness of a population
  • The average income of a country

    • What is a criticism of the traditional models of well-being, according to Sen?

    <p>They have limited informational bases</p> Signup and view all the answers

    Why does the Easterlin paradox suggest that additional income does not necessarily lead to additional happiness?

    <p>Because of the social comparison effect</p> Signup and view all the answers

    What is a limitation of using GDP as a measure of well-being?

    <p>It ignores social and environmental factors</p> Signup and view all the answers

    What is the main critique of GDP as a measure of economic performance?

    <p>It is not able to measure human progress and does not consider social inequality and environmental issues.</p> Signup and view all the answers

    What is the primary advantage of using subjective measures of well-being?

    <p>They provide a more comprehensive view of quality of life.</p> Signup and view all the answers

    What is the purpose of the Stiglitz-Sen-Fitoussi Commission?

    <p>To explore the limitations of GDP and identify alternative measures.</p> Signup and view all the answers

    What is the underlying idea behind the phrase 'what we measure affects what we do'?

    <p>That our measures influence our decisions and policies.</p> Signup and view all the answers

    Which of the following is NOT a dimension of well-being considered beyond the economic sphere?

    <p>Material deprivation</p> Signup and view all the answers

    What is the main idea behind the research stream that focuses on subjective measures of well-being?

    <p>That people are the best judges of their own well-being.</p> Signup and view all the answers

    What is being challenged by the concept of Human Development?

    <p>The traditional development vision</p> Signup and view all the answers

    According to Simon Kuznets, what cannot be inferred from a measurement of national income?

    <p>A nation's welfare</p> Signup and view all the answers

    What is the main limitation of GDP, according to R.Kennedy?

    <p>It measures everything except what makes life worthwhile</p> Signup and view all the answers

    What is the main argument in favour of going beyond GDP?

    <p>GDP is no longer suitable for the modern world</p> Signup and view all the answers

    What is the goal of new frameworks aimed at measuring wellbeing?

    <p>To operationalize measures of wellbeing</p> Signup and view all the answers

    What is the relation between the economic sphere and a worthwhile life, according to the concept of Human Development?

    <p>The economic sphere is one of the dimensions of a worthwhile life</p> Signup and view all the answers

    The traditional development vision assumes that the higher the consumption, the higher the well-being or utility.

    <p>True</p> Signup and view all the answers

    The concept of Human Development only considers the economic sphere as a measure of well-being.

    <p>False</p> Signup and view all the answers

    GDP growth is directly proportional to well-being growth.

    <p>False</p> Signup and view all the answers

    Simon Kuznets and R.Kennedy both agree that GDP is an accurate measure of well-being.

    <p>False</p> Signup and view all the answers

    The concept of Human Development focuses solely on individual well-being.

    <p>False</p> Signup and view all the answers

    There is a direct correlation between income and happiness, according to the Easterlin paradox.

    <p>False</p> Signup and view all the answers

    The Capability Approach focuses on individual freedoms and choices in achieving wellbeing.

    <p>True</p> Signup and view all the answers

    The Easterlin paradox suggests that happiness increases with income beyond a certain subsistence level.

    <p>False</p> Signup and view all the answers

    Measures of Objective Well-being include factors such as life expectancy and poverty rates.

    <p>True</p> Signup and view all the answers

    The traditional models of well-being, such as utilitarianism and resourcism, provide a comprehensive understanding of human wellbeing.

    <p>False</p> Signup and view all the answers

    Social inequality is considered in the measurement of GDP.

    <p>False</p> Signup and view all the answers

    The Capability Approach is a subjective measure of wellbeing.

    <p>False</p> Signup and view all the answers

    Social comparison is a key factor in the relationship between income and happiness, according to the Easterlin paradox.

    <p>True</p> Signup and view all the answers

    Subjective measures of well-being are not useful in measuring quality of life.

    <p>False</p> Signup and view all the answers

    The Stiglitz-Sen-Fitoussi Commission was established to improve the measurement of GDP.

    <p>False</p> Signup and view all the answers

    Measures of subjective well-being are not good proxies for Quality of Life.

    <p>False</p> Signup and view all the answers

    Official statistics are not involved in the process of measuring economic performance and social progress.

    <p>False</p> Signup and view all the answers

    GDP is a comprehensive measure of human progress.

    <p>False</p> Signup and view all the answers

    What is the main criticism of the traditional models of well-being, such as utilitarianism and resourcism, according to Sen?

    <p>They have limited informational bases and do not consider what activities people can undertake and the kinds of persons they can be.</p> Signup and view all the answers

    What is the key factor in the relationship between income and happiness, according to the Easterlin paradox?

    <p>Social comparison</p> Signup and view all the answers

    What is the main advantage of the Capability Approach to well-being?

    <p>It considers individual freedoms and choices in achieving well-being.</p> Signup and view all the answers

    What is the main limitation of using GDP as a measure of well-being?

    <p>It does not capture non-economic aspects of well-being.</p> Signup and view all the answers

    What is the goal of new frameworks aimed at measuring well-being?

    <p>To move beyond GDP and capture a more comprehensive understanding of human well-being.</p> Signup and view all the answers

    What is the relationship between income and happiness, according to the Easterlin paradox?

    <p>Income does not necessarily lead to additional happiness beyond a certain subsistence level.</p> Signup and view all the answers

    What is the main limitation of GDP as a measure of well-being, according to R.Kennedy?

    <p>GDP measures everything except that which makes life worthwhile.</p> Signup and view all the answers

    What is the main limitation of GDP, according to the Stiglitz-Sen-Fitoussi Commission, in terms of measuring human progress?

    <p>GDP does not consider social inequality and environmental issues.</p> Signup and view all the answers

    What is the underlying idea behind the concept of Human Development?

    <p>It challenges the traditional development vision, which identifies that the higher the consumption, the higher the well-being or utility.</p> Signup and view all the answers

    What dimension of well-being is considered beyond the economic sphere, according to the Stiglitz-Sen-Fitoussi Commission?

    <p>Health, social relations, and good governance.</p> Signup and view all the answers

    What is the underlying idea behind the research stream that focuses on subjective measures of well-being?

    <p>The better way to look at well-being is to ask people.</p> Signup and view all the answers

    What is the main argument in favour of going beyond GDP?

    <p>The need for widely accepted communication tools that show progress in fields beyond economic growth, such as freedom, climate change, health, security, and the environment.</p> Signup and view all the answers

    What is the significance of asking people about their satisfaction with their life as a whole, according to the research stream on subjective measures of well-being?

    <p>It provides a proxy for Quality of Life.</p> Signup and view all the answers

    What is the goal of new frameworks aimed at measuring well-being?

    <p>To measure, analyze, and operationalize the appropriate measures of well-being, where the economic sphere is only one of the dimensions for a worthwhile life.</p> Signup and view all the answers

    Why is it important to consider multiple dimensions of well-being, beyond the economic sphere?

    <p>To measure the quality of life.</p> Signup and view all the answers

    What does Simon Kuznets emphasize about national income and well-being?

    <p>The welfare of a nation can scarcely be inferred from a measurement of national income.</p> Signup and view all the answers

    What is the implication of the phrase 'what we measure affects what we do' in the context of measuring economic performance and social progress?

    <p>If our measures are misleading, our decisions are misleading too.</p> Signup and view all the answers

    What is the primary focus of the Capability Approach, according to Sen?

    <p>Individual freedoms and choices in achieving well-being.</p> Signup and view all the answers

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