Example of rules of the game or economic institutions

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Reference no: EM13999727

1. Systems and equipment for communication, transportation, and sanitation make up

a. Private goods

b. Capital infrastructure

c. Government services

d. Human capital

2. In developing countries, on average, nearly ___ of the labor force is employed in the agricultural sector; compared to 3% in industrial market economies.

a. 90%

b. 70%

c. 50%

d. 30%

3. Which is NOT an example of “Rules of the Game” or economic institutions?

a. A handshake to seal a deal

b. Well-defined property rights

c. Government ownership of resources (under communism and sometimes socialism)

d. Firms’ increase of supplies when shortages occur

Reference no: EM13999727

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