The concept of 'Human Capital' in growth theory refers to:
A. Only financial assets
B. Only physical capital
C. Only natural resources
D. The stock of skills, knowledge and health embodied in the labour force
Answer: Option D
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:
Elasticity of demand includes price elasticity, income elasticity and cross elasticity. Elasticity of supply is a separate concept relating to supply response.
Explanation:
Large capital inflows help finance the current account and improve the overall balance of payments. High imports, low exports and debt servicing contribute to BOP problems.
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