Chapter 1 Introduction To Economics

6 Questions | Total Attempts: 19

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Chapter 1 Introduction To Economics

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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