Quiz Microeconomics 1

Identify what is microeconomics

• The entire economic system.

• specific unit of the economic system.

• the changes in the overall level of economic activities.

• reducing inflation rate and stimulating economic growth.

Which of the following described microeconomics

• economics questions are solved by the government

• economics allocation is achieved by the invisible hand

• economics problems are solved by the government and the market

• economic decision is made by private sector and free market

Microeconomics is study of economics from the viewpoint of

• the entire economy

• the government unit

• individual economics unit

• all the firms

The statement that human being's want cannot be fully satisfied with limited resources is called

• opportunity cost

• scarcity

• choices

• desire

Which of the following is the characteristic of the free market?

• Private ownership of resources

• Central planning authority

• Public ownership of resources

• Promote social justice

Which of the following services is not available in a free market economy?

• Educational services

   

• Transportation services

• Defence services

• Medical services

Choose from the following are NOT basic economics concepts.

• Choices

• Unlimited wants

• Scarcity

• Opportunity cost

"The great increase in wage levels has led to the use of machinery in a particular production process." The statement above explains a basic economic problem of

• what to produce

• how much to produce

• how to produce

• for whom to produce

Which of the following is NOT TRUE of Islamic economics?

• Riba is not allowed.

• Priority will be given to the society as a whole.

• All economic activities must be based on Islamic Principles

• Individuals are not allowed to own property

Choose one of the following: benefits of a socialist economic system

 

• Encourage mass production

• Increase individual effort

• More of competition

• Decisions are made quickly