Choose if the following statement is True/False.

Education has an important role in human capital formation.

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True

False

answer is A.

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Detailed Solution

The above statement is True.
Education has an important role in human capital formation.
Education gives a person a better standing in social life. Education enables a person to make better choices in life. It has previously been demonstrated that enterprises founded by educated and competent people are consistently more successful than those founded by uneducated people. Therefore, the money received by a skilled worker is more than that of an unskilled worker, and the skilled worker also contributes more to the national economy than the latter. Additionally, education raises the standard of living. Therefore, we may conclude that education is crucial for human capital development.

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