The concept of 'Subjective Well-Being' in economics refers to:
A. Only environmental quality
B. Only objective measures of income
C. Only physical health indicators
D. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction
Answer: Option D
Solution (By JKSSB Mock Tests)
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.
Explanation:
Headline inflation measures the overall change in the price level of a comprehensive basket of goods and services, including volatile items such as food and fuel.
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