Chapter 1 Introduction To Economics

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Economics Quizzes & Trivia

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.

    Correct Answer
    A. How society uses scarce resources to produce unlimited wants.
    Explanation
    The correct answer is how society uses scarce resources to produce unlimited wants. This answer accurately describes the fundamental concept of economics, which is the study of how societies allocate their limited resources to fulfill their unlimited wants and needs. It recognizes the scarcity of resources and the challenge of making choices to maximize the satisfaction of those wants and needs.

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  • 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.

    Correct Answer(s)
    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.
    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.

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  • 4. 

    Is the basis of an Islamic Economic System is the principles of Islamic Shari'ah true or false?

    • A.

      True

    • B.

      False

    Correct Answer
    A. True
    Explanation
    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.

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  • 5. 

    ________ refers to the types of goods produced in a country.

    Correct Answer
    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.

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