IET chp 2 & 3

Which of the following scholars presented the theory of exploitation and tried to take the Smithian and Ricardian labor theory of value to its logical conclusion?

• Al-Dimashqi

• schumpeter

• Karl Marx

• Carl Menger

Al-Kasani quotes Imam Shafi'i to have said that

'the value of a commodity changes each time there is change in the price, due to increase or decrease of people’s willingness to acquire the commodity (demand) and depending whether it is available in small or large quantity (supply)'. Imam Shafi'i is talking about...

• cost of production

• demand and supply role in price determination

• distribution of income

• productivity

Which of the following scholars opposed the administrative price fixation?

• Ibn Qudamah

• Ibn Habib

• Yahya bin Umar al-Kinani

Imam Shafi'i said:

'A poor man assigns to one dinar much greater value for himself, while a rich man may not consider hundreds of any big value due to his riches'. What terminology related to above statement?

• demand and supply

• marginal cost

• marginal production

• marginal utility

what is it means by forestalling?

• when someone try to control price of goods by buying them before they reach market or by convincing sellers to raise price

• a speculator buying large amounts of a product with the intention of benefiting from future price rises

• a competitive exchange among rival companies who lower the price points on their products, in a strategic attempt to undercut one another and capture greater market share

Ibn Khaldun introduced many determinants of supply and demand and their influences on prices. what is the determinant of demand that he noted? Choose TWO.

• Tastes

• profit expectations

• substitutes goods

• purchasing power

Who discussed labor theory of value?

• Ibn Qudamah

• Ibn Khaldun

• Imam Shafi'i

• Ibn al-Qayyim

Consumer will choose a combination of goods to maximise their total utility, and consider both marginal utility of goods and the price. This statement defined to which economic term?

• labor theory of value

• scarcity

• equimarginal rule

• diminishing marginal utility

Which of the following are not the categories of productive activities classified by al-Shaybani?

• Trade

• Services

• Agriculture

• Healthcare

Which of the following muslim scholars glorified agriculture as the top of all economic activties?

• al-Shaybani

• al-Ghazali

• al-Dimashqi

• Ibn Taymiyah