UTT Chapter 16 Quiz

The branch of economics that studies how households and firms buy, sell, and allocate resources.

• Macroeconomics

• Econometrics

• Behavioral Economics

• Microeconomics

The branch of economics that studies how large economies function as a whole.

• Microeconomics

• Econometrics

• Behavioral Economics

• Macroeconomics

Choose the correct answer from the choices below: An economy in which economic decisions are freely made by households and firms.

• Command Economy

• Mixed Economy

• Free Market Economy

• Socialist Economy

Goods used to produce other goods and services.

• Consumer Goods

• Durable Goods

• Non-Durable Goods

• Capital Goods

From the Arabic word translated as "nation," the collective community of Muslims around the world.

• Jama'ah

• Umma

• Khilafah

• Ummah

The third pillar of Islam, the donation of 2.5 percent of a Muslim's annual income.

• Sawm

• Hajj

• Shahada

• Zakat

A tax imposed on dhimmis living in Islamic states.

• Zakat

• Kharaj

• Jizya

• Riba

Rivalry between two or more companies to offer the best products, at the best price, and at the highest profit margins

• Economic Competition

• Monopoly

• Interventionism

• Socialism

The belief that human beings are social constructs and not unified rational individuals with an objective human nature

• Decentered Self

• Social Contract

• Self-Identification

• Self-Awareness