What is human capital and why is it important for a nation's economy?

Human capital is the collective stock of skills, abilities, expertise, education, and knowledge within a nation. It is important because it enables the production of qualified professionals like doctors and engineers, who contribute significantly to the economy.

Expenditure on education, health, and training are all sources of ___ formation.

Human capital

True or False: Migration only increases the population of a region.

False. Migration can increase or decrease the population depending on whether people are moving into or out of a region.

Fill in the blank: On-the-job training allows employees to learn a job by ___ it in real-time.

Performing

What is the purpose of induction training for newly recruited employees?

Induction training helps new employees become familiar with the organization and adjust to their tasks and responsibilities.

Riddle: I’m a method where you learn while doing, with tasks that feel like play. What am I?

On-the-job training

Which method assigns an experienced manager to guide new employees?

Coaching

True or False: Off-the-job training occurs while employees are actively engaged in their regular work tasks.

False. Off-the-job training occurs outside of regular work tasks.

List two sources of human capital formation.

Expenditure on education and on-the-job training.

What is the primary responsibility of the University Grants Commission (UGC) in India?

The UGC is responsible for coordinating, determining, and maintaining standards of higher education in India.

Fill in the blank: Human capital formation is the process of adding to the stock of ___ over a period of time.

Human capital

True or False: The UGC was established in 1953 under the Ministry of Finance.

False. The UGC was established under the Ministry of Human Resource Development.

What differentiates physical capital from human capital?

Physical capital refers to tangible assets used in production, while human capital refers to the skills and knowledge of individuals.

Riddle: I can be built up over time and improve productivity, but I am not a machine. What am I?

Human capital

Fill in the blank: The head office of the UGC is located in ___.

New Delhi

What is the role of the UGC in relation to universities and colleges in India?

The UGC provides recognition to universities and colleges and disburses funds to them.

What is the primary role of human capital formation in economic growth?

It increases production levels and improves the overall quality of life.

Human development emphasizes that education and health are ___ and ___ for individuals.

Fundamental human rights

True or False: High levels of poverty contribute positively to human capital formation.

False. High levels of poverty hinder human capital formation.

What are the main problems facing human capital formation?

Population growth, gender and regional inequality, brain drain, inadequate manpower planning, lack of on-the-job training, high poverty levels, and low academic standards.

Fill in the blank: Education promotes ___ and ___ among citizens.

Cultural standards and awareness

Riddle: I am essential for responsible citizenship, resource utilization, and broadening horizons. What am I?

Education

What is one objective of the All India Council for Technical Education (AICTE)?

To ensure proper planning and development of the technical education system in India.