The concept of 'Subjective Well-Being' in economics refers to:
A. Only environmental quality
B. Only physical health indicators
C. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction
D. Only objective measures of income
Answer: Option C
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:
India adopted a Flexible Inflation Targeting framework in 2016, with CPI inflation as the nominal anchor and a target of 4% with a tolerance band of ±2%.
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