Question : Human capital refers to:
Option 1: Physical capital used in production
Option 2: Financial capital used in production
Option 3: Skills, knowledge, and education of the workforce
Option 4: Natural resources used in production
Correct Answer: Skills, knowledge, and education of the workforce
Solution : The correct answer is (c) Skills, knowledge, and education of the workforce.
Human capital refers to the skills, knowledge, education, training, and other attributes possessed by individuals that contribute to their productivity and ability to generate economic value. It represents the intangible qualities and capabilities of individuals that can be utilized in the production process.
Investments in human capital, such as education and training programs, contribute to the development and enhancement of individuals' skills and knowledge. A well-educated and skilled workforce is considered a valuable asset for economic growth and productivity improvements.
Option 1: Physical assets owned by individuals
Option 2: Knowledge, skills, and abilities possessed by individuals
Option 3: Financial resources invested in education
Option 4: Natural resources utilized by individuals
Question : Which type of capital is considered the most crucial for sustained economic growth?
Option 1: Financial capital
Option 2: Physical capital
Option 3: Natural capital
Option 4: Human capital
Question : Which term refers to the process of increasing the knowledge, skills, and abilities of the human workforce?
Option 1: Human resource development
Option 2: Human capital formation
Option 3: Labor market analysis
Option 4: Skill development program
Question : _______ sector includes production unit exploiting natural resources.
Option 1: Tertiary
Option 2: Primary
Option 3: Secondary
Option 4: Natural
Regular exam updates, QnA, Predictors, College Applications & E-books now on your Mobile