‘Red Tape’ in an economy refers to:
Show answer & explanation
Correct answer: C
Explanation
The correct answer is option 3 i.e. Rigid conformity to formal rules
| Red tape is a derisive term for excessive regulation or rigid conformity to formal rules that is considered redundant or bureaucratic and hinders or prevents action or decision-making. It is usually applied to government, but can also be applied to other organisations like corporations. |