Improved labor skills contribute to growth of the economy by:

Question

Quizplus · Accepted Answer

Improved labor skills lead to increased productivity, as workers are able to perform their tasks more efficiently and effectively. This increased productivity can lead to economic growth, as more goods and services can be produced with the same amount of input resources. Raising savings rates and investment rates can also contribute to economic growth, but these are not directly related to labor skills. Replacing capital is not a likely outcome of improving labor skills.

Improved Labor Skills Contribute to Growth of the Economy By