Happiness Indicator

Question 1

Happiness indicator

Answer 1

Seeks to relate economic decisions to a wider measure of welfare than traditional measures of income and wealth

Question 2

Benefits of happiness indicator

Answer 2

Gives broader measure of society
Helps decide gov policy

Question 3

Human development index (HDI)

Answer 3

Way of measuring economy by using health education and income

Question 4

How is health measured in HDI

Answer 4

Life expectancy at birth

Question 5

How is education measured in HDI

Answer 5

Mean years of schooling
Expected years of schooling

Question 6

Income

Answer 6

GNI per capita

Question 7

Advantages of HDI

Answer 7

Worldwide use of HDI
Helps form gov policies
Looks at wider elements in society

Question 8

Disadvantages of HDI

Answer 8

Data may not be reliable
Countries exaggerate to get economic aid
Doesn’t measure inequality

Question 9

Liquidity trap

Answer 9

Where if interest rates are so low that changing doesn’t make a difference