Institutions That Encourage Productive Activities and Discourage Counterproductive Ones, Will

question 21

Multiple Choice

Institutions that encourage productive activities and discourage counterproductive ones, will tend to promote

• A) economic growth.
• B) rent-seeking
• C) economic fluctuations
• D) high rates of unemployment.

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Definitions:

Status Hierarchy

A social structure that ranks individuals or groups in a community on the basis of esteem and prestige.

Social Inequity

The existence of unequal opportunities and rewards for different social positions or statuses within a group or society.

Big Cheese

Big Cheese is a colloquial term used to describe someone of importance or high status in a particular area or field.

Social Honour

Recognition or respect gained within a society based on one's actions, characteristics, or achievements.