BASIC ISLAMIC ECONOMICS

What is the meaning of tazkiyah?

• Inner-self purification.

• The day of judgement.

• God’s unity and sovereignty.

• God’s vicegerent on the earth.

Scarcity in Islamic economics is caused by

• limited resources and unlimited wants

• unlimited wants and resources

• improper wants and distribution

• improper use and imbalanced distribution

Which of the following are secondary sources for Islamic economics?

• Al-qiyas and al-ijma’.

• Al-Quran and al-qiyas.

• Al-Quran and as-Sunnah.

• Al-ijma’ and as-Sunnah.

Redwear Sdn Bhd is a clothes manufacturing company which produces 500 shirts per month. Target clothes market for children is between the age of 3 to 7 years old.Based on statement , how does Islamic economics solve the basic economics problem?

• Choose the cheapest method production and maximizing the output and profit.

• Choose the minimize production costs and maximize the output and profit.

• Choose the most efficient techniques and try to minimize production costs.

• The government choose the techniques to be used in the production of different goods and services.

Islamic economic focuses on

• study of man’s activities to use and manage the economic resources

• studies of economic problem of a people imbued with the values of Islam

• studies of human behaviour as a relationship between ends and scarce

• study of history and theory to analyse human needed based on daily routine of man

What is the characteristic of Islamic economics?

• Unity matter and spirit.

• Restricted or specific ownership.

• Maximization of welfare.

• Economic inequality within natural limit.

A ruling based on the principle of general public interest in issues which do not have clear and specific ruling from legal text of either Quran or Sunnah.cThe statement is meaning of the

• uruf

• istihsan

• al-qiyas

• maslahah

Which is CORRECT definition of infaq?

• Spending on the social needs of the community merely to seek God’s pleasure.

• A special tax which levied upon the Muslim members of the state only.

• Spending some money to the organization and people.

• Giving something for the charity or other good cause.

The basic economic problem ‘what products are to be produced’ in an Islamic economic system refers to

• the market demand and supply

• subject to the rules of Islam

• central planning decisions

• innovation and needs of producers

Capitalist accepts only private individuals in the principle of ownership but Islamic economics also allows

• public ownership and state ownership

• public ownership only

• wealth ownership only

• state ownership and wealth ownership