Human Capital Formation in India test - 13

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Human Capital Formation in India test - 13
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  • Question 1
    1 / -0
    New Policy on Education aims at expenditure on education as ______% of GDP.
    Solution
    New policy on Education aims at expenditure on education as 6% of GDP. This shows the importance given by the government to education sector. 
  • Question 2
    1 / -0
    During presidential election campaigns, candidates often promise both more "gun" and more "butter" if they are elected. Assuming unemployment is not a problem, what possible assumption are they making but not revealing to their audience?
    Solution
    Both 'gun' or butter can be produced by increase in supply of natural resource improvement of technology and increase in labour force.
  • Question 3
    1 / -0
    HDI Stands for ____________.
  • Question 4
    1 / -0
    A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called ___________.
    Solution
    A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called capitalist economy. It is a decentralised form of economy where there is no government control. 
  • Question 5
    1 / -0
    The economic analysis expects the consumer to behave in a _____ manner.
    Solution
    The economic analysis expects the consumer to behave in a rational manner. 

    In an ideal world, people would always make optimal decisions that provide them with the greatest benefit and satisfaction. In economics, rational choice theory states that when humans are presented with various options under the conditions of scarcity, they would choose the option that maximizes their individual satisfaction. 

    This theory assumes that people, given their preferences and constraints, are capable of making rational decisions by effectively weighing the costs and benefits of each option available to them. The final decision made will be the best choice for the individual. The rational person has self-control and is unmoved by emotions and external factors and, hence, knows what is best for himself.

  • Question 6
    1 / -0
    Which of the following is used in measurement of HDI?
  • Question 7
    1 / -0
    Provision of finance for agriculture is now handled by ____________.
    Solution
    National Bank for Agriculture and Rural Development(NABARD) is an apex development financial institution in India which provides financial inclusion to all the required farmers, looks after rural development plans and financial support the regional growth of backward areas of the economy. 
  • Question 8
    1 / -0
    According to the Empiricists, to include Financial Asset under the purview of Abney, which of the following condition should be satisfied?
    Solution
    If a financial asset is to be considered as a market product then it should be demanded with stable supply where its substitute must hold good in the market. 
  • Question 9
    1 / -0
    The objective of economic and social development is to ______________.
    Solution
    All the economic activities aims at enhancing the way of living of all the individuals in the society as it makes every individual self-reliant i.e. productive assets and help them to grow by providing various opportunities in the way of numerous jobs that improves the quality of life of an individual. 
  • Question 10
    1 / -0
    "Resources" refer to.
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