The link between happiness and investment was particularly strong for younger firms, which the authors __13__ to “less fixed decision making process” and the possible presence of “younger and less __14__ managers who are more likely to be influenced by feeling.” The relationship was __15__ stronger in places where happiness was spread more __16__. Firms seem to invest more in places where most people are relatively happy, rather than in places with happiness inequality.

　　__17__ this doesn’t prove that happiness causes firms to invest more or to take a longer-term view, the authors believe it at least __18__ that possibility. It’s not hard to imagine that local culture and feeling would help __19__ how managers think about the future. “It surely seems reasonable that happy people would be more forward-thinking and creative and __20__ R&D more than the average,” said one researcher.

　　1. A. where

　　B. why

　　C. when

　　D. how

　　2. A. In contrast

　　B. In conclusion

　　C. In return

　　D. In particular

　　3. A. perfect

　　B. necessary

　　C. sufficient

　　D. famous

　　4. A. optimism

　　B. realism

　　C. individualism

　　D. modernism

　　5. A. spoil

　　B. change

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