Question : Statement 1: Human capital formation can only occur through formal education.
Statement 2: Human capital formation can occur through various channels, including formal education, vocational training, and on-the-job learning.
Option 1: Statement 1 is true, and statement 2 is true.
Option 2: Statement 1 is true, but statement 2 is false.
Option 3: Statement 1 is false, but statement 2 is true.
Option 4: Statement 1 is false, and statement 2 is false.
Correct Answer: Statement 1 is false, but statement 2 is true.
Solution : The correct option is (c) Statement 1 is false, but statement 2 is true.
Statement 1 suggests that human capital formation can only occur through formal education. However, this statement is false. Human capital formation is not limited to formal education alone. While formal education is an essential component, human capital can be formed through various channels, including vocational training, on-the-job learning, apprenticeships, workshops, and self-directed learning. These alternative channels contribute to the acquisition of skills, knowledge, and abilities that enhance an individual's human capital.
Statement 2 acknowledges the broader perspective that human capital formation can occur through various channels. It recognizes the importance of formal education but also highlights the role of other forms of learning and skill development.
Therefore, statement 1 is false, but statement 2 is true.
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