Human Capital Formation In India Economics - Human Capital Formation In India

_______ is an educationally backward state.

1. Kerala.
2. Goa.
3. Bihar.
4. Mizoram.

When did the government of India made free and compulsory education a fundamental right for all children in the age group 6-14?

1. In December 2002 through 84th Amendment of Constitution of India.
2. In December 2002 through 86th Amendment of Constitution of India.
3. In December 2004 through 84th Amendment of Constitution of India.
4. In December 2006 through 86th Amendment of Constitution of India.

NCERT stands for:

1. National Council for Entertainment, Refreshment and Teaching.
2. National Career in Education, Research and Training.
3. National Council for Educational Research and Training.
4. National Council for Education, Research and Training.

Before introducing new technology, a firm provides the basic skills to the workers regarding its usage. This is which source of human capital formation?

1. Study programme for adults.
2. On the job training.
3. Expenditure on Information.
4. Investment in education.

_______ is the process of adding to the stock of human capital over time.

1. Physical capital.
2. Human capital.
3. Human capital formation.
4. None of the above.

India has not been able to achieve 100% literacy even till today. (True/ False)

'Skill India Programme' launched by the Government of India is an attempt to increase human capital formation. (True/ False)

National Literacy Mission was set up in 1968. (True/ False)

We differentiate between economic activity and production activity to calculate the number of workers.(True/ False)

Gender bias in India is a hindrance to the process of skill formation. (True/ False)

_________ implies the development of abilities and skills among the population of the country.

_______ is tangible and can be easily sold in the market.

_________ is intangible and cannot be sold in the market.

________ and ________ are the two major sources of human capital in a country.

__________ was launched in 2001 to universalise and improve the quality of Elementary Education in India.

What does the abbreviation 'AICTE' stand for?

What is social medicine?

How does human capital formation improve quality of life?

"School dropouts are giving way to child labour". Discuss how this a loss to human capital.

Write those elements which enable people to live a better life.

Explain how health and expenditure on information are a source of human capital formation.

What is migration? What are its costs and benefits?

Explain the concept of vocationalisation of education.

Discuss the following as a source of human capital formation.
Expenditure on migration.

How does education and training lead to technological improvement?

"Over time, human capital has replaced physical capital as the most scarce resource and the main economic factor". What is the value of human capital in economic development?

Read the passage given below and answer the following questions from 1 to 4.
Both forms of capital formation are the outcomes of conscious investment decisions. The decision regarding investment in physical capital is taken on the basis of one’s knowledge in this regard. The entrepreneur possesses the knowledge to calculate the expected rates of return to a range of investments and then rationally decides which one of the investments should be made. The ownership of physical capital is the outcome of the conscious decision of the owner the physical capital formation is mainly an economic and technical process.
Human capital formation takes place in one’s life when she/he is unable to decide whether it would maximize her/ his earnings. Children are given different types of school education and health care facilities by their parents and society. Moreover, the human capital formation at this stage is dependent upon the already formed human capital at the school level. Human capital formation is partly a social process and partly a conscious decision of the possessor of the human capital.

1. Which of the following does not correctly differentiate between the physical and human capital?

1. Human capital is intangible whereas physical capital is tangible.
2. Human capital can cope up with the changing technology whereas physcical capital can not.
3. Human capital generates both personal and societal benefits whereas physical capital generates only personal benefit.
4. Human capital gets obsolete with time whereas physcial capital does not.

2. In the context of the paragraph, it can be argued that human capital depreciates faster than the physical capital. The given statement is:

1. True
2. False
3. Partially true
4. Can’t comment due to lack of proper estimation mechenism

3. Machines and industrial tools are examples of:

1. Physical capital
2. Human capital
3. Both physical and human capital
4. Natural capital

4. Investment in education by parents is the same as_______?

1. Investment in intermediate goods by companies
2. Investment in CSR activity by companies
3. Investment in capital goods by companies
4. None of the above

The Education Commission in 1966, had recommended that at least 6% of GDP should be spent on education in India. However, even after 50 years of such a recommendation, the government continues to spend 3-4% of GDP on education. How has this affected the education sector in India? What value stands violated by the Central Government?

Read the passage given below and answer the following questions from 1 to 4.
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. The concept of human capital stems from the economic model of human resource capitalism, which emphasizes the relationship between improved productivity or performance and the need for continuous and long-term investments in the development of human resources. Investments in human capital are viewed as affecting national and global economic performance or, more narrowly, where investments in people are viewed as crucial to organization performance. For an organization, this model suggests that high productivity and performance depend on developing learning systems that reflect the commitment of an organization to its human resources. As a result, ongoing investments in training, skill development, and job enrichment engender a reciprocal commitment among members to organizational goals and objectives.

1. The stock of skill and expertise of a nation at a point of time is called _Capital.

1. Real
2. Physical
3. Human
4. None of these

2. Which of the following is not a source of Human Capital Formation?

1. Education
2. Saving
3. Health
4. Information

3. _is based on the idea that education and health are integral to human well-being.

1. Economic Development
2. Human Development
3. Social Growth
4. None of these

3. __________ is/ are the reason for rural-urban migration in India.

1. Unemployment
2. Health facilities
3. Money
4. All of these

Read the passage given below and answer the following questions from 1 to 4.
People spend to acquire information relating to the labour market and other markets like education and health. This information is necessary to make decisions w.r.t investment in human capital and its efficient utilisation. Thus, expenditure incurred for acquiring information relating to the labour market and other markets is also a source of human capital formation.

1. Which of the following is the source of human capital formation in India?

1. Health
2. Migration
3. Acquiring information
4. All of these

2. Education provides:

1. Private benefit
2. Social benefit
3. Both (a) and (b)
4. None of these

3. persons contribute more to the growth of an economy.

1. Ducated
2. Healthy
3. Both (a) and (b)
4. None of these

4. Training given by a company to its employees is generally__________?

1. Investment
2. Social wastage
3. Both (a) and (b)
4. None of these

Read the passage given below and answer the following questions from 1 to 5.
Traditional economic theory viewed capital in physical terms only. Economists during the late 1950s based on the aggregate production function found that the standard measures of simple labour and physical capital were incapable of explaining adequately the rapid post-war growth. Speculations on what was missing were diverse. Some argued that the principal explanation lays in the lack of appropriate adjustments for improvement in the quality of physical capital and the embodiment of technical progress in that capital. Others suggested that the most important omission pertains to the organisational advance or a vaguely specified human capital. The residual of unexplained growth was at first ascribed to technology by Solow, but later, the residual was defined to include improvements in the quality of capital can the investment in human beings. Human capital is formed with improvement in skills education. Improved health and education is merit as well as a public good and is associated with a large number of externalities which are often indirect, indivisible and non-quantifiable.

1. Which of the following gives the definition of public goods?

1. Excludable and non rivalrous in nature
2. Non-excludable and non-rivalrous in nature
3. Non-excludable and rivalrous in nature
4. Excludable and rivalrous in nature

2. Consider the situation of 2 countries – A and B. Country A has invested more towards the technological progress whereas Country B has invested more towards expanding its military network and arms. To Solow, which country would go faster?

1. Country A
2. Country B
3. Both grows and the same pace
4. Can’t comment

3. Standard economic theories failed to explain the post war rapid growth due to?

1. Measuring growth in terms of physical inputs only
2. Ignoring other important factors such as improved skills and education
3. Both (a) and (b)
4. None of the above

4. An externality is the good or bad impact which enters the utility or production function of another individual or firm with no choice of their own. The given statement is?

1. True
2. False
3. Partially True
4. Partially False

5. In the context of the above paragraph, the ‘residual’ factor include.

1. Improvement in the quality of human capital
2. Investment in human beings
3. Improvement in technology
4. All of the above

Discuss the need for promoting women’s education in India.

What are the differences between human capital and human development?
OR
Bring out the differences between human capital and human development.

Examine the role of education in the economic development of a nation.

Write a short note on Human Development Index (HDI).