Question

In the formal sector of an economy, labor is __________.
A.
based heavily on services
B.
frequently done on a cash-only basis
C.
regulated by law and industry standards
D.
based on traditional values

Answer 1

C. regulated by law and industry standards

Explanation: The formal sector includes registered businesses and workers who follow laws, pay taxes, and adhere to regulations and industry standards. It contrasts with the informal sector, which often operates outside official regulation (cash-only, unregistered, or based on traditional practices).