Human capital refers to: MCQ with Answer and Explanation

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Human capital refers to:

A. physical machinery used in production

B. the stock of skills, education and health embodied in workers

C. financial assets of a country

D. natural resources

Answer: Option B

Solution (By JKSSB Mock Tests)

Human capital is the stock of skills, education and health embodied in workers that enhances productivity.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of international trade, 'Terms of Trade' refer to:

A. Ratio of export prices to import prices

B. Value of exports to value of imports

C. Volume of exports to volume of imports

D. Ratio of import prices to export prices

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Correct Answer: Option A

Explanation:
Terms of Trade (TOT) is the ratio of a country's export prices to its import prices, usually expressed as an index.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'second phase of bank nationalization' in India took place in which year?

A. 1980

B. 1991

C. 1969

D. 1998

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Correct Answer: Option A

Explanation:
Six more banks were nationalized in 1980.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of indicative planning in India refers to:

A. planning without any state intervention

B. planning based on forced targets

C. planning in a mixed economy with public and private sectors

D. state ownership of all means of production

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Correct Answer: Option C

Explanation:
Indicative planning in India is planning in a mixed economy with both public and private sectors.

This question belongs to: Economy GK Economy Set 1

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