A society's institutions
A) include the laws and customs that influence the allocation of resources.
B) have no effect on people's abilities to make decisions.
C) are irrelevant when studying an economy.
D) are not related to the control of society's resources.

Question

Quizplus · Accepted Answer

Society's institutions, such as laws and customs, play a significant role in influencing the allocation of resources within an economy. They shape the incentives and constraints individuals face when making decisions about production or consumption. Therefore, Option A is the correct answer. Option B, C, and D are incorrect.

A Society's Institutions