Question : In the context of human capital, the term "knowledge economy" refers to an economy that:
Option 1: Relies primarily on agriculture
Option 2: Focuses on manufacturing industries
Option 3: Emphasizes the production and use of knowledge and information
Option 4: Depends on natural resources extraction
Correct Answer: Emphasizes the production and use of knowledge and information
Solution : The correct answer is (c) Emphasizes the production and use of knowledge and information.
A knowledge economy is characterized by the prominent role of intellectual capital, innovation, and the efficient use of knowledge resources. In a knowledge-based economy, the production, distribution, and application of knowledge become key drivers of economic growth and development.
The knowledge economy relies on the creation, acquisition, and dissemination of knowledge, including research and development activities, technological advancements, and the utilization of information and communication technologies. It places a strong emphasis on sectors such as information technology, research and development, education, healthcare, finance, and other knowledge-intensive industries.
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
Question : The "formal sector" refers to:
Option 1: The sector of the economy that includes self-employed individuals and small-scale businesses
Option 2: The sector that is regulated by the government
Option 3: The sector that focuses on manufacturing industries
Option 4: The sector that relies on foreign direct investment
Question : The "informal sector" refers to:
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
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