The concept of 'Human Capital' in growth theory refers to:
A. Only financial assets
B. The stock of skills, knowledge and health embodied in the labour force
C. Only natural resources
D. Only physical capital
Answer: Option B
Solution (By JKSSB Mock Tests)
Human capital comprises the knowledge, skills, health and other attributes of individuals that affect their productivity and are accumulated through education, training and health expenditure.
Explanation:
Foreign direct investment and portfolio investment are capital account transactions. Software exports, remittances and interest payments form part of the current account.
Explanation:
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.
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