Consider the following markets : 1. Government Bond Market 2. Call Money Market 3. Treasury Bill Market 4. Stock Market How many of the above are included in capital markets?

The correct option is (b) because only the Government Bond Market and the Stock Market are components of the capital market, as they deal with long-term debt and equity instruments. Call Money and Treasury Bills are incorrect because they belong to the money market, which is specifically for short-term funds with maturities of less than one year. The core concept tested is the classification of financial markets based on the maturity period of the instruments traded.