ECO162 - CHAPTER 1

ECO162 - CHAPTER 1

University

10 Qs

quiz-placeholder

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ECO162 - CHAPTER 1

ECO162 - CHAPTER 1

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University

Practice Problem

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Created by

Hanif Ot

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10 questions

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1.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The main problems of economics arise because

Resources being scarce in relation to human wants

Human weakness

The absence of economic planning

Incompetence of government

2.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The basic economic problem is

how to redistribute income equally in the society

how to stabilize the prevailing price level in the economy

how to allocate scarce resources given society's unlimited wants

how to provide jobs for everyone in the labour force

3.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

The basic foundation of Islamic economics that refers to the responsibility of man in purifying his wealth according to the rules of Islam is

Rububiyyah

Khilafah

Tazkiyyah

Ukhwah

4.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

Opportunity cost is the

cost of the best alternative forgone

cost of undesirable alternative

cost of factors of production

cost of buying the best alternative

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Malaysian economy would best classified as

free market economy

planned economy

mixed economy

an Islamic economy

6.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

"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

7.

MULTIPLE CHOICE QUESTION

10 sec • 1 pt

As a result of scarcity

there is never enough of anything

production has to be centrally planned

things which are plentiful have relatively high prices

individuals and communities have to choose from among alternatives

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