0% 0 votes, 0 avg Nature & Scope of EconomicsAdvertisements 1 / 24 Advertisements Which one is the best definition of opportunity cost? A) All sacrificing cost B) To obtain one more unit C) The cost of next best alternative that forgone D) All of the above 2 / 24 Laissez faire means: A) Government can influence B) Government cannot influence “Hands off” C) All of the above 3 / 24 Advertisements Consider the following statement about Islamic law.(i) It allows hoarding of cash.(ii) It does not allow to become the owner of any enterprise. A) Only I statement is correct B) Both statements are incorrect C) Only ii statement is correct D) Both statements are correct 4 / 24 A kind of partnership where a financial experts offers specialist investment in which the customer andbank share profits is called? A) Musharaka B) Ijara C) Murabaha D) Mudarba 5 / 24 Advertisements Government regulation in a mixed economic system may _______________ the cost of doing A) Decrease B) Increase C) Not change D) None 6 / 24 Normative science deals with the factual questions. Select an answerA) TRUEB) FALSE 7 / 24 Advertisements The disadvantage of planned economic system is: (Select TWO) A) Encourage monopoly B) less advancement of technology C) economic freedom keep out pf economic model D) ignore of social security 8 / 24 What are the TWO advantages of mixed economic system? A) Reduction in income inequalities B) increase in income inequalities C) works for the weak agent of economy D) efficient due to bureaucratic control 9 / 24 The most important feature of capitalism is the____________ A) Central planning B) Price mechanism 10 / 24 The features of Islamic economic system are similar to the system of: A) Mixed B) Capitalism C) socialism D) None 11 / 24 Which of the following is not the advantages of mixed economic system: (select TWO) A) Fair distribution of goods and services especially of public interest B) Inefficiencies due to bureaucratic controls C) Government also makes sure the care of weak agent of the economy D) Government regulations increasing cost of doing business for firms. 12 / 24 Production Possibility Frontier demonstrates those baskets of goods which can be produced when all____________ resources of an economy are employed efficiently A) Complete B) Scarce C) Efficient D) Abundant 13 / 24 What TWO are the assumptions of production possibility frontier? A) Increase opportunity cost B) Full employment C) Input resources are fixed D) Inefficient use of resources 14 / 24 X and Y are substitute in consumption. If price of X increase: A) Demand for X decrease B) Demand for X increase C) Demand for Y decrease D) Demand for Y increase 15 / 24 When the fisherman catches a fish and sells in the market, his reward is called: A) Rent B) Wages C) interest D) Profit 16 / 24 Which of the following is not a feature of market economy (SELECT TWO) A) Government determined prices B) Freedom of enterprise C) Environment of competition D) Social security 17 / 24 In which of the following options consumer sovereignty is in the order of highest to lowest? A) market economy, mixed economy, planned economy B) mixed economy, market economy, planned economy C) market economy, planned economy, mixed economy D) planned economy, mixed economy, market economy 18 / 24 Three basic fundamental economic questions, what to produce, How to produce, for whom toproduce is due to _____ A) Want B) Scarcity C) Need D) Opportunity cost 19 / 24 __ is a leasing agreement whereby the bank buys an item for a customerthen leases it back to them over an agreed time period. A) Musharaka B) murabaha C) Ijara D) Mudaraba 20 / 24 Does planned economy provide greater stability in long run A) True B) False 21 / 24 PPC curve do not shift when: A) Technological advancement B) Decrease in unemployment C) Increase in age of retirement D) Capital formation 22 / 24 In Islamic finance, a joint enterprise where partners share profits and losses is called: A) Mushakrah B) Murabaha C) Mudaraba D) Ijara 23 / 24 PPC is concave due to trade-off between goods? A) True B) False 24 / 24 Shortage is defined by A) Excess demand in market B) Expansion in demand C) Supply is more than demand D) All of the Above Your score isThe average score is 55% 0% Restart quiz Advertisements
