Chapter 1 Introduction To Economics
6 Questions
| Total Attempts: 94
Answer the following questions.
Questions and Answers
- 1.Distinguish between microeconomics and macroeconomics, and give one (1) appropriate example each.
- 2.Economics is best described as:
- A.
How society uses scarce resources to produce unlimited wants.
- B.
How to allocate wealth from rich to poor.
- C.
The decision of maximizing society's needs.
- D.
Human wants should be fulfilled although there is lack of resources.
- 3.Advantages of the Socialist Economic System. You can select more than one answers.
- A.
The government can direct the nations resources to produce desirable goods and services.
- B.
Prices of goods and services are controlled by the state.
- C.
The government provides public goods for the benefit of society which depend on the needs of society.
- D.
There is no economic freedom in a command economy.
- 4.Is the basis of an Islamic Economic System is the principles of Islamic Shari'ah true or false?
- A.
True
- B.
False
- 5.[Blank] refers to the types of goods produced in a country.
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