Chapter 1 Introduction To Economics
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Economics is best described as:
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How society uses scarce resources to produce unlimited wants.
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How to allocate wealth from rich to poor.
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The decision of maximizing society's needs.
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Human wants should be fulfilled although there is lack of resources.
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Explore the fundamentals of economics in this engaging quiz. Covering topics from resource allocation in different economic systems to the basics of micro and macroeconomics, this quiz assesses key economic principles and their practical implications.
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- 2.
Is the basis of an Islamic Economic System is the principles of Islamic Shari'ah true or false?
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True
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False
Correct Answer
A. TrueExplanation
The basis of an Islamic Economic System is indeed the principles of Islamic Shari'ah. Islamic Shari'ah provides guidelines and principles for economic activities, such as prohibiting interest (riba) and promoting fairness and justice in transactions. It emphasizes the concept of halal (permissible) and haram (prohibited) in economic practices, encouraging ethical conduct and social responsibility. Therefore, it is accurate to say that the principles of Islamic Shari'ah form the foundation of an Islamic Economic System.Rate this question:
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- 3.
Advantages of the Socialist Economic System. You can select more than one answers.
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The government can direct the nations resources to produce desirable goods and services.
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Prices of goods and services are controlled by the state.
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The government provides public goods for the benefit of society which depend on the needs of society.
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There is no economic freedom in a command economy.
Correct Answer(s)
A. The government can direct the nations resources to produce desirable goods and services.
A. Prices of goods and services are controlled by the state.
A. The government provides public goods for the benefit of society which depend on the needs of society.Explanation
The advantages of a socialist economic system include the government's ability to direct national resources towards producing desirable goods and services, controlling the prices of goods and services, and providing public goods that benefit society based on its needs.Rate this question:
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- 4.
________ refers to the types of goods produced in a country.
Correct Answer(s)
What to produced?Explanation
The question is asking about the types of goods that are produced in a country. The phrase "What to produced?" is a grammatically incorrect version of the question, but it can still be understood to mean the same thing.Rate this question:
- 5.
Distinguish between microeconomics and macroeconomics, and give one (1) appropriate example each.
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Apr 23, 2024Quiz Edited by
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Oct 23, 2020Quiz Created by
Nmala391