In the context of growth and development, laws, rules, and customs are known as:
A) institutions.
B) constitutions.
C) organizations.
D) property rights.

Question

Quizplus · Accepted Answer

Institutions are the established laws, rules, customs, and practices that guide behavior and structure social and economic interactions. They provide the framework within which development occurs by shaping incentives, behaviors, and outcomes.

In the Context of Growth and Development, Laws, Rules, and Customs