A major factor contributing to the slow growth rate of less-developed economies is
A)the lack of well-defined and enforceable property rights.
B)the lack of natural resources.
C)the lack of workers.
D)the high rate of illiteracy.

Question

Quizplus · Accepted Answer

The lack of well-defined and enforceable property rights is a major factor contributing to the slow growth rate of less-developed economies. It creates uncertainty and discourages investment, hindering economic development. Without clear property rights, individuals are less likely to invest in businesses or property because they cannot be sure that their investments will be protected. This leads to a lack of capital, which is necessary for economic growth.

A Major Factor Contributing to the Slow Growth Rate of Less-Developed