Question
Consider the following statements: Human capital formation as a concept is better explained in terms of a process, which enables
1. individuals of a country to accumulate more capital.
2. increasing the knowledge, skill levels and capacities of the people of the country.
3. accumulation of tangible wealth.
4. accumulation of intangible wealth.
Which of the statements given above is/are correct?
(a) 1 and 2
(b) 2 only
(c) 2 and 4
(d) 1, 3 and 4
Answer:
C
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Explanation:
Human capital formation is indeed better explained as a process that involves increasing the knowledge, skill levels, and capacities of the people of a country (statement 2). Additionally, it also involves the accumulation of intangible wealth, which refers to the development of skills, expertise, and intellectual capabilities that contribute to economic growth and development (statement 4).