Question : Statement 1: Human capital formation is a static process that does not adapt to changing needs.
Statement 2: Human capital formation is a dynamic process that requires constant adaptation to changing economic and technological landscapes.
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 is false because human capital formation is not a static process. It involves continuous learning, skill development, and adaptation to changing economic and technological landscapes. The needs of the labor market evolve over time, and individuals need to acquire new knowledge, upgrade their skills, and stay relevant to meet the demands of the changing environment. Human capital formation is an ongoing and dynamic process that requires individuals and societies to adapt and respond to new challenges and opportunities. Therefore, statement 2 is true.
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