True or False: The Human Development Index (HDI) combines indicators of health, education, and economic standards into a single measure.

True

What are the three categories of human development countries as classified by the UNDP based on HDI scores?

High Human Development, Medium Human Development, Low Human Development

True or False: Economic growth is defined as an increase in economic variables that cannot be quantified.

False; economic growth is quantifiable.

Explain the significance of social norms in economic development.

Social norms influence behaviors that contribute to economic efficiency and growth, impacting trust and cooperation in a society.

What role does behavioral economics play in public policy, particularly in the context of India's Swachh Bharat Mission?

Behavioral economics helps in designing policies that nudge people toward desirable behaviors, such as improved sanitation practices.

True or False: The concept of development has remained static and unchanged since the early 20th century.

False; the concept of development has evolved significantly over time.

What is the main challenge in measuring economic development?

The challenge lies in defining what constitutes development and quantifying its qualitative aspects.

True or False: The HDI is solely based on economic indicators.

False; it incorporates health and education indicators as well.

How does the Broken Windows Theory relate to economic performance?

It suggests that maintaining order and addressing minor offenses can prevent larger crimes, fostering a trustworthy and efficient economic environment.

What are the six variables used in the World Happiness Report to measure happiness?

GDP per capita, social support, healthy life expectancy, freedom to make life choices, generosity, perception of corruption.

Explain the relationship between morality and economic development.

Morality and altruism can enhance economic development by fostering cooperation and trust, leading to more efficient and equitable societies.

What is the significance of integrating insights from behavioral economics into development policies?

It enhances the effectiveness of policies by aligning them with human behavior and societal norms, leading to better outcomes in areas like healthcare and education.