ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Explanation:-Human capital formation converts human resources into labour force. Thus it brings about quantitative changes in labour force. formation?

Detailed explanation-2: -Human capital contributes to the quantitative improvement in the labour force as it helps in improving employee retention rates as well as all the returns on the employee related costs starts increasing . So we can say it is true that human capital brings quantitative improvements.

Detailed explanation-3: -Human Capital includes labor and other resources that humans can provide-education, experience or unique skills-that contribute to the production process.

Detailed explanation-4: -Human capital refers to the skills and knowledge possessed by an individual. Human capital formation can be increased by investing more in education sector and promoting the importance of gaining knowledge and skill. By doing this, national income of a country rises up. Hence, correct answer is option D.

Detailed explanation-5: -Land is not amongst the components of Human Capital.