Explanation:

Investment in human capital has several benefits for growth:

- Providing effective utilization of the physical capital: A well-trained workforce can better use and maintain physical equipment, enhancing efficiency and reducing waste.

- Raises the level of both production and productivity: Skilled workers contribute to higher outputs by working more efficiently and effectively.

- Promotes innovations and creates the ability to apply new technologies: Education and training foster creativity and problem-solving, enabling workers to innovate and adopt new technologies.

All of the above factors contribute to growth.

Correct Answer: Option 4 - All of the above