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Answer :
Capital deepening can apply both to additional human capital per worker and to additional physical capital per worker. This statement is True.
Human capital refers to the skills and knowledge that workers acquire through education, training, and experience. Physical capital refers to the equipment, tools, and other productive resources that workers use to produce goods and services.
Capital deepening means increasing the quantity of capital per worker. This can be achieved through the accumulation of either human or physical capital. If workers acquire more skills and knowledge, they become more productive and are able to produce more output per unit of time.
Similarly, if workers have access to better tools and equipment, they can also produce more output per unit of time. Workers who participate in a competitive and well-functioning labor market have an incentive to acquire additional human capital because additional education and skills will pay off in higher wages.
This statement is True. In a competitive labor market, wages are determined by the supply and demand for labor. If workers have more skills and knowledge, they become more productive and are able to command higher wages.
Therefore, workers have an incentive to invest in their own human capital to increase their productivity and earning potential.
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