Contracts in Many Low Income Countries Are More Difficult and Costly

question 339

True/False

Contracts in many low income countries are more difficult and costly to enforce than they are in more developed countries.

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Definitions:

Labor

The effort by humans directed towards producing goods and services; in economics, it's considered one of the primary factors of production alongside land and capital.

Output

The amount of goods or services produced by a company, industry, or country within a specific period.

Cost

The monetary value spent to produce or obtain goods and services, including manufacturing, material, labor, and overhead costs.

Units

Basic quantities or measures adopted to quantify and measure goods, services, or any other items.