Forest and Microeconomics MCQs

What is the main issue in economics?

• Excessive supply of goods

• Unlimited resources

• Limited resources vs. unlimited wants

• Government regulation

Which of the following best describes 'Forest Economics'?

• Study of trees

• Study of money in agriculture

• Application of economic principles to forest resource management

• Only logging-related economics

Which is NOT considered a basic economic resource?

• Land

• Labor

• Time

• Capital

What is the role of 'Entrepreneurship' in economics?

• Providing labor

• Consuming goods

• Innovating and taking risks

• Creating inflation

In a free market economy, how are resources allocated?

• By government planning

• By tradition

• Through price mechanism

• Randomly

Which of the following is a disadvantage of a centrally planned economy?

• High levels of competition

• Limited consumer choices

• Private ownership

• Innovation encouraged

Which country is an example of a centrally planned economy?

• Japan

• Canada

• Cuba

• Germany

Which economic system combines elements of capitalism and socialism?

• Free market

• Centrally planned

• Mixed economy

• Islamic economy

One advantage of Islamic economics is:

• Focus only on private profit

• Allowance of interest

• Social justice and fairness

• Wealth accumulation encouraged

Which of the following is NOT a feature of Islamic economics?

• Prohibition of anti-social practices

• Fair wealth distribution

• Ignoring individual welfare

• Controlled inequality