Economists generally do NOT define an institution as a
A) government free of corruption.
B) government that controls resource allocation.
C) legal system that enforces contracts and laws.
D) strong monetary system.

Question

Quizplus · Accepted Answer

Economists typically define institutions as the rules and norms that govern economic interactions, such as legal systems and monetary systems. A government that controls resource allocation is more about economic policy than institutional definition.

Economists Generally Do NOT Define an Institution as a