7. Which of the following is correct?

• A. Happiness economics Does Not distinguish between predicted and experienced utility
• B. Happiness economics distinguishes between predicted and experienced utility
• C. Standard economics distinguishes between predicted and experienced utility
• D. Standard economics claims that decision utility has to be estimated empirically

8. Which is NOT an extrinsic need?

• A. Family time
• B. Income
• C. Status
• D. Fame

9. People do not get the maximum utility attainable because

• A. They tend to underconsume goods with extrinsic aspects
• B. They underconsume goods with intrinsic aspects
• C. They underestimate how much enjoyment they will get from income and status
• D. All of the above

10. People are more likely to underestimate adaptation to the following

• A. time spent with family and friends
• B. higher income
• C. Children
• D. Job satisfaction

11. Which of these are reasons we make mistakes when estimating utility

• A. Extrinsic attributes are easier to rationalize
• B. Adaptation is underestimated
• C. Our memories of past events are distorted
• D. All of the above

12. The "positive and negative affect" means

• A. The positive events that affect human happiness
• B. Feelings and emotions people experience
• C. Being negative is detrimental to one's happiness
• D. The cognitive evaluation of one's life satisfaction