In: Economics
Quality institutions are:
Group of answer choices
extractive
informal
formal
non-extractive
Ans. - formal and non - extractive
Reason : a formal institution is one where the rules and regulations are written within a constitutional framework or any legal document , which is not biased to the social and cultural impacts but is based upon the idea of growth and development.
A non extractive institution is one where a small powerful section is not allowed to exploit the other less powerful section. Such institutions are progressive and allow every section to come forward and work on the basis of merit.
A combination of both puts forward a quality education.