19. Consider
the following statements.
Human capital formation as a concept is better explained in terms of a process which enables.
a) Individuals of a country to accumulate more capital.
b) Increasing the knowledge, skill levels and capacities of the people of the country.
c) Accumulation of tangible wealth.
d) Accumulation of intangible wealth.
Which of the statements given above is/are correct?
1) 1 and 2
2) 2 only
3) 2 and 4
4) 1,3 and 4
Ans: 3) 2 and 4Human capital formation as a concept is better explained in terms of a process which enables.
a) Individuals of a country to accumulate more capital.
b) Increasing the knowledge, skill levels and capacities of the people of the country.
c) Accumulation of tangible wealth.
d) Accumulation of intangible wealth.
Which of the statements given above is/are correct?
1) 1 and 2
2) 2 only
3) 2 and 4
4) 1,3 and 4
Explanation:-
- While Increasing the knowledge, skill levels and capacities of the people of the country. is the very meaning of human capital accumulation, Accumulation of intangible wealth also increases due to it only, for example, patents, copyrights, etc.
- Human capital, intangible collective resources possessed by individuals and groups within a given population. These resources include all the knowledge, talents, skills, abilities, experience, intelligence, training, judgment, and wisdom possessed individually and collectively, the cumulative total of which represents a form of wealth available to nations and organizations to accomplish their goals.
- Thus, statements 1 and 3 are incorrect. Statements 2 and 4 are correct.