The Economics of Happiness: Measuring Development Beyond GDP

The Economics of Happiness: Measuring Development Beyond GDP

Assessment

Interactive Video

Business

11th Grade - University

Hard

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Quizizz Content

FREE Resource

The video explores the concept of economic development, highlighting the limitations of traditional measures like the Human Development Index. It introduces happiness economics as an alternative, focusing on subjective measures of well-being. The Easterlin Paradox is discussed, showing that increased income doesn't always lead to greater happiness. The UK's approach to measuring happiness through self-reported surveys is examined, along with the challenges of using such data. The video concludes by emphasizing the importance of considering happiness in assessing a country's development.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the three dimensions used in the Human Development Index (HDI)?

Happiness, Life Satisfaction, Income

Economic Growth, Employment, Inflation

Poverty, Income Inequality, Empowerment

Health, Education, Living Standards

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is happiness considered an important measure of economic development?

It is universally accepted as a development indicator.

It is an objective measure like GDP.

It reflects the overall quality of life and well-being.

It is easier to measure than income.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Easterlin Paradox suggest about the relationship between income and happiness?

Richer societies are always happier.

Happiness always increases with income.

Poorer individuals are always less happy.

Happiness does not significantly change with income beyond a certain point.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the Easterlin Paradox, what happens to happiness after reaching a certain income level?

It starts to decline.

It remains constant.

It fluctuates unpredictably.

It continues to increase.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How does the UK measure happiness in its National Well-being Program?

By measuring life expectancy.

Using self-reported surveys.

By tracking literacy rates.

Through GDP per capita.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a limitation of using self-reported surveys to measure happiness?

They are universally comparable.

They may lack accuracy and validity.

They provide objective data.

They are too expensive to conduct.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it difficult to compare happiness across different countries?

Happiness is measured the same way everywhere.

Cultural differences affect what makes people happy.

All countries use the same survey questions.

Happiness is not influenced by income.

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