Question : Statement 1: Human capital formation has no impact on the overall well-being of society.
Statement 2: Human capital formation contributes to the overall well-being of society by improving education, healthcare, and standard of living.
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 has no impact on the overall well-being of society. This statement is false. Human capital formation, which involves investing in education, skills, and knowledge of individuals, has a significant positive impact on the overall well-being of society. By improving education, healthcare, and the standard of living, human capital formation contributes to the social and economic development of a society.
Statement 2 states that human capital formation contributes to the overall well-being of society by improving education, healthcare, and the standard of living. This statement is true. When individuals are equipped with knowledge and skills through human capital formation, it enhances their opportunities for better education and healthcare. It also raises their income levels, improves their quality of life, and contributes to the overall well-being of society.
Therefore, statement 1 is false, but statement 2 is true.
