Class XII Economics -  Indian Economic - Human Capital Formation - Test Paper 2021 Part I
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HUMAN CAPITAL FORMATION  1. Economic growth requires-------------- *
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2. Before introducing new technology, a firm provides the basic skills to the workers reading its usage. This is which source of human capital formation. *
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3. The stock of skill and expertise of nation at a point of time is called: *
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4. ---------------------- is better indicator of development *
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5. Sources of Human capital formation: *
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6. From the following which is not a human capital formation: *
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7. Expenditure on education is-------------- *
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8. Which of the following is the problem of human capital formation? *
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9. Human capital and Human development are-------------- *
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10. Human capital formation leads to: *
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Case study-1 When we talk about economic growth, human capital is the main reason for accelerated growth andexpansion for many countries, which provide investment in human capital. This gives the bestadvantages to these countries for providing the best situation for work and life. A significant advantagein generating a stable environment for growth is that the nation has the expanded high quality of human capital in fields like health, science, management, education and other fields. Here the main components of human capital are definitely human beings but presently, the principal component is creative an educated and enterprising person, with a high level of professionalism.Questions: 1. refers to the stock of skill, ability, expertise, education and knowledge in a nation at a point of time. *
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2. Human capital increases------------------- *
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3. Innovation leads ---------------- *
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4. The human capital in the economy manages the central portion of the ----------------- of the country *
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Case study-2 Traditionally, economic theory has given emphasis on physical capital accumulation as the most robust source of economic growth at least in the short run, with the exogeneous technicalprogress being the long run determination of growth. The exogeneity of technological progress in the neoclassical growth model and the difficulty of explaining long-term economic growth have restricted the analytical capacity of the neoclassical model and its empirical verification.Human capital theory suggests that individual and society derive economic benefits from investments in people. Education has consistently been emerged as prime human capital, but Becker and schulz have argued that health and nutritional expenditure is also part of human capital investment. This is because education is perceived to contribute to health and nutritional improvements. Questions: 1. Economic growth depends upon: *
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2. Economic development depends upon which of the following components? *
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3. Which of the following are type of on- job-training? *
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Case study-3 You all may have heard of the term ‘capital’ in economics Adam smith defines capital as“That part of the man’s stock which he expects to afford him revenue”. Capital is one of the four factors of production- land, labour and entrepreneurship being the other three. There are many types of capital. However, for time being, we shall focus our discussion on two types of capital -physical capital and human capital. India is possessing a huge size of human resources. In order transform the liability of this huge size of population into assets adoption of various measures of human capital is very much essential.The term human capital formation implies the development of abilities and skills among the population of country. In order to develop various sectors of the economy, the country should introduce manpower planning for the development of its human resources. It is from the 7th five year plan onward that we began to focus on Human Development. Questions: 1. The --------------- capital is tangible and can be easily sold in the market *
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2. Doctors, Engineers etc. are part of human -------------- *
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3. State any two sources of human capital. *
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Case study-4Prime minister Narender Modi Interacted with leading economists of the country on charting the economic agenda in the post COVID world and highlighted government’s commitment to developing world class infrastructure and the economic potential set to beunleashed by National optical fiber network.He highlighted the faith shown by foreign investors in India’s growth story with foreign direct investment growing by 11 percent between April and October , despite aglobal recession.The participants stressed the importance of investing in public health and education ,as a human capital would also likely emerge as driver of growth, especially in the knowledge economy going forward. They also stressed on labour intensive manufacturing given the success India has achieved in launching the PLI scheme in mobile manufacturing.Questions:1. capital refers to the stock of skill, ability, expertise, education and knowledge embodied in the people *
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2. Which one of the following is a major sources human capital in a country? *
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3. Why do we need to invest in human capital ------------------------ ? *
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4. Which International organization recognized India as a knowledge economy in its report,Leveraging strengths and opportunities ------------------------- *
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ASSERTION & REASON 1. ASSERTION (A): According to human capital, human being are ends in themselves.REASONING (R): Human capital considers education and health as means to increase labour productivity.Alternatives: *
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2. ASSERTION (A): Gains of migration are greater than the migration, leading to human capital formation.REASONING (R): Migration contributes to human capital formation as it facilitates utilization of inactive skills of people.Alternatives: *
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3. ASSERTION (A): Human capital of a nation is raised when skill and expertise of people rises. REASONING (R): Raising population is an impediment to the process of human capital formation of India.Alternatives: *
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4. ASSERTION (A): cause and effect relation between Human capital and economic growth can be easily proved.REASONING (R): Due to measurement problems, it is difficult to establish a relation of cause and effect from the of human capital (Education and health) to economic growth.Alternatives: *
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5. ASSERTION (A): World bank, in its recent report, India and the knowledge economy.REASONING (R): India would grow faster due to its strength in human capitalformation. Alternatives: *
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6. ASSERTION (A): Improvement in education and health sectors and growth in real percapita Income in both developing and developed countries.REASONING (R): Higher income causes building of high level of human capital .Alternatives: *
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7. ASSERTION (A): Skill India programme launched by the government is an attemptto increase human capital formation.REASONING (R): Skill is an important element of human capital Alternatives: *
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