Which of the following is not an institution?
A) the practice of tipping the person who cuts your hair
B) a set of mathematical equations to represent each segment of an economy
C) the set of rules that specifying how your state legislature makes decisions

Question

Quizplus · Accepted Answer

Institutions are systems of established and prevalent social rules that structure social interactions. Choice B, a set of mathematical equations to represent each segment of an economy, is not an institution but rather a model or tool used in economic analysis. Choices A and C describe social practices and legislative rules, respectively, which are considered institutions as they govern behavior and interactions within society.

Which of the Following Is Not an Institution