CHAPTER 1 - INTRODUCTION TO MICROECONOMICS

In socialism, the price of the products and goods is determined by

• supplier

• government

• customer

• private sector

People need to make a choices in order to maximize their

• scarcity

• satisfaction

• resources

• production

The society do not have freedom to make a choice in determine what goods or services to produce.

• Mixed Economic

• Capitalism

• Socialism

• Islamic Economic

The picture describe what always happen in economics problems

• Opportunity cost

• Choice

• Satisfaction

• Scarcity

"After class, Luth has decided to go to a café to buy a lunch for himself". What type of issues happen in an economy

• Microeconomics

• Mixed economics

• Socialism

• Macroeconomics

In this economic system, the main aim of the system is to ensure safety and happiness on earth and in the afterlife.

• Islamic

• Socialism

• Mixed

• Capitalism

"Government does not involve in economic decisions".

The statement above best describes what type of economic system?

• Islamic Economic

• Capitalism

• Mixed Economic

• Socialism

"The employment rate in Malaysia had increased by 10% due to covid-19".

What type of issues happen in an economy.

• Microeconomics

• Macroeconomics

• Socialism

• Capitalism

Free competition between firms may results in a

• country

• market

• monopoly

• oligopoly

In a mixed economic system, economic problems are solved by the public

• True

• False