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The Role of Education in Human Capital Formation and Economic Growth, Summaries of Psychology

CMR UniversityPsychology

The importance of investment in education as a source of human capital formation and its contribution to economic growth. It also touches upon the role of the government in funding education and the benefits of a skilled workforce. multiple-choice questions and answers related to the topic.

Typology: Summaries

2020/2021

Uploaded on 11/23/2022

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CHAPTER – 5
HUMAN CAPITAL FORMATION IN INDIA
I. Ch oo se th e cor re ct an swer. ( Eac h que sti on c ar rie s on e m ar k)
1) Who can work better in the following:
[1] A sick person [2] An Unhealthy labourer
[3] A person with sound health [4] None of the above
2) What per cent GDP as estimated by the Tapas Majumdar Committee should spend for
education.
[1] 4 % [2] 6 %
[3] 8% [4] 5 %
3) Education for all,
[1] Still not a distant dream [2] Still a distant dream
[3] Dream Only [4] None of the above
II. Fill in the Blanks. (Each question carries one mark)
1) Investment on Education is considered as one of the main sources of Human capital
2) Government of India has also started levying a 2 percent of educational cess on all union
taxes.
3) The revenue from education cess have been earmarked for spending on Elementary education.
4) The contribution of the educated person to economic growth is more than that of an
Illiterate_ person.
III. Match the following (Each question carries one mark)
1) More contribution to National Income 1] Global Growth Centres
2) Deutsche Bank 2] India and the Knowledge economy.
3) World Bank 3] Literacy Rate
4) Educational Achievements 4] A positive Development
5) Better Gender Equity 5] Skilled Labourer
ANS-1) More contribution to National Income - 5] Skilled Labourer
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CHAPTER – 5

HUMAN CAPITAL FORMATION IN INDIA

I. Choose the correct answer. (Each questi on carries one mark)

  1. Who can work better in the following: [1] A sick person [2] An Unhealthy labourer [3 ] A person with sound health [4] None of the above
  2. What per cent GDP as estimated by the Tapas Majumdar Committee should spend for education. [1] 4 % [2] 6 % [3] 8% [4] 5 %
  3. Education for all, [1] Still not a distant dream [2 ] Still a distant dream [3] Dream Only [4] None of the above II. Fill in the Blanks. (Each question carries one mark)
  4. Investment on Education is considered as one of the main sources of Human capital
  5. Government of India has also started levying a 2 percent of educational cess on all union taxes.
  6. The revenue from education cess have been earmarked for spending on Elementary education.
  7. The contribution of the educated person to economic growth is more than that of an Illiterate_ person. III. Match the following (Each question carries one mark)
  8. More contribution to National Income 1] Global Growth Centres
  9. Deutsche Bank 2] India and the Knowledge economy.
  10. World Bank 3] Literacy Rate
  11. Educational Achievements 4] A positive Development
  12. Better Gender Equity 5] Skilled Labourer ANS-1) More contribution to National Income - 5] Skilled Labourer
  1. Deutsche Bank - 1] Global Growth Centres
  2. World Bank - 2] India and the Knowledge economy
  3. Educational Achievement - 3 ] Literacy Rate
  4. Better Gender Equity - 4] A positive Development IV. Answer the following question in a word /sentence each. (Each question carries one mark)
  5. Expand NCERT. ANS- National Council of Educational Research and Training.
  6. State the reasons for migration. ANS-People migrate in search of jobs that bring them higher income than what they get in their native places. Unemployment is the main reason for rural-urban migration in India
  7. Expand UGC. Ans. University Grants Commission.
  8. Expand ICMR. Ans. Indian Council of Medical Research. V. Answer the following question in four sentences each. (Each question carries two marks)
  9. State the need of investment on human capital. Ans. There is a need to undertake investment on human capital. It is necessary to invest on human resources to make them more innovative, productive and useful by investing on their education, health training. The government is taking many steps to educate, train and protect the health of population to make it qualitative for economic development.
  10. Why individuals spend money on education? Ans. Investment in education is considered as one of the main sources of human capital formation. Spending on education by individuals is similar to spending on capital goods by companies to increase their profits in future. Similarly, individuals invest in education in order to increase their earnings in the form of money income in future. Investment on education also promote individual development which ultimately promotes overall economic growth of the country.
  11. What are the two major sources of human capital in a country? Ans. Education and Health are two main sources of human capital. Education raises the standard and quality of living of people. It increases the productive capacity and productivity of the workforce by enhancing their skills. Health indirectly helps in the economic development by supplying active and healthy work force for better production.
  12. What are the indicators of educational achievement in a country? Ans: The indicators of educational achievements are as follows:  Adult literacy level  Primary education completion rate  Youth literacy rate
  13. What factors contribute to human capital formation? Ans: The factors which contribute to human capital formation are as follows:
  1. Bring out the need for on-the-job-training for a person. Ans: On-the-job training is nothing but an arrangement of training in which workers are given an opportunity to obtain skills while working. It includes the following:  Providing training to workers in the industry itself.  Arranging training facilities outside the industry i.e., off-campus training  Providing on-line training and arranging satellite programmes  Arranging excursion to industrially advanced regions and providing hands on training. The on-the-job training facility helps human capital formation in the following ways:  The employees cum trainees get ample time for learning new methods of production under the supervision of skilled workers  The employees get extra technical skill without incurring any expenditure  The employees will get adjusted to technical advancements and get promotion in their jobs  It helps in undertaking innovations
  2. Discuss the need for promoting women’s education in India. Ans: The difference in the literacy rates between males and females is narrowing signifying a positive development in general equality. There is need to promote education for women for women in India on the following grounds:  Education improves the economic independence of women  Education increases the social status of women in the society  Education makes a favourable impact on fertility rate (i.e., it reduces birth rate)  Education leads to better health care for both women and children. VII. Answer the following question in twenty sentences each. (Each question carries six marks)
  3. Discuss the following as a source of human capital formation. [1] Health Infrastructure [2] Expenditure on migration. Ans: [ 1 ] Health infrastructure : The various forms of health expenditures are as follows:  Preventive medicine vaccinations to prevent deadly diseases  Social medicine spread of awareness about keeping good health and its importance.  Provision of clean drinking water and good sanitation. The healthy individuals are a food source of human capital as they directly contribute for regular and higher productivity of labour. A sick labourer without access to medical facilities has to remain absent from work. This leads to loss of productivity. Hence, expenditure on health is an important source of human capital formation. [2] Expenditure on migration: People migrate from their native places in search of jobs which may bring higher salaries. Unemployment is the only reason rural-urban migration in India. Technically qualified persons like engineers and doctors migrate to other countries to earn better income. Though there is a high cost of transport, high cost of living and other factors, the enhanced income will motivate people to migrate. Hence, expenditure on migration is also a source of human capital formation.
  1. Examine the role of education in the economic development of a nation. Ans: The education plays a predominant role in economic development of India in the following ways: (a) It modernizes the attitude and behaviour of the people: Education brings favourable changes in the attitude and behaviour people. It gives input like what is right and what is wrong and contributes for taking sound and valuable judgements. (b) Promotes science and technology: Education always provides the knowledge about latest technology to people who know reading and writing. It explains the new methods of production through innovations in various sector of the economy. By providing scope for latest techniques of production, it develops agriculture, industry, transport, power, etc. (c) Increased mobility of labours: Education helps the labourers to search for more rewarding employment opportunities all over the world. It helps to choose a suitable career according to one’s educational qualifications. It makes them to move from country to country or state to state as and when required. (d) Creates national and development consciousness: Education creates civic, national, and development consciousness among the literates. It provides information about the past events in History and tells about the freedom struggle of great national leaders like Mahatma Gandhi, Bhagat Singh, Subhas Chandra and others. It makes people to develop a sense of patriotism and helps them to adopt strategies of progress in life. (e) Contributes to skilled and trained workers: Education generates skilled and trained labour force needed for the development of the country. Education includes both general and technical education. The general education includes Bachelor of Arts, Bachelor of commerce, Bachelor in Business Administration, etc. at the degree level and technical education includes Bachelor in Engineering in different streams like mechanical, civil, electronic, electrical, computer. etc. All these contributes for the supply of skilled labour for the overall development of the country. (f) Act as source of knowledge: Education is a house of knowledge for all porpoises. Anything to know we need to be literate. It helps people to take decisions on the basis of their knowledge gained in different stages while getting education.
  2. Trace the relationship between human capital and economic growth. Ans: It is a well, known fact that an educated person can create more income than an uneducated individual. There is a direct link between Human Capital and Economic Growth in every country. The term economic growth refers to increase in real national income of a country. The contribution of educated person to economic growth is more than that of an uneducated person. As the economic growth includes the overall development of an economy in all the sectors, it is education which plays an eminent role in bringing transition from low productivity to higher productivity in any economy. As the education increased the efficiency of labour, it results in innovation and improvements in application of science and technology in agriculture, industry and service sectors of the country. The Government of India has recognised the importance of human capital in economic growth long ago. The 7th^ five-year plan says the human resources development (human capital) has necessarily to be assigned a key role in development strategy, particularly a country with a large population.