Which of the following is a key economic role of the government in both developed and developing countries?
Show answer & explanation
Correct answer: C
Explanation
The correct answer is Option 3 i.e. Framing laws and delivering justice.
The foundational economic role of any government is to provide a stable legal and institutional framework. This involves framing laws that protect property rights, enforce contracts, and ensure fair competition. Without a functional justice system to resolve commercial disputes, markets cannot operate efficiently.
While specific policies like export promotion may vary, the "Rule of Law" is a universal prerequisite for economic activity in both developed and developing nations, as it reduces risk for investors and consumers.