DPB10013 MICROECONOMICS

The fact that human wants cannot be fully satisfied with available resources is called the problem of

• choices

• scarcity

• opportunity cost

• alternatives

All of the following are the economic problems except ……

• what to produce

• Where to produce

• Where to produce

• For whom to produce

Which of the following would be studied in microeconomics?

• Total numbers of workers employed in a country

• The general level of prices in the Malaysian economy

• The output of the entire economy

• The output and price of chicken in Malaysia

Supporter of a capitalistic system claim that the system would do all of the following EXCEPT:

• Promote efficiency

• Stimulate innovation

• Achieve an equal income distribution

• Be directed by the decisions of individual buyers and sellers

Nurse, foremen, assembly line workers are examples of which factor of production.

• Land

• Capital

• Labour

• Entrepreneur

Individuals who are willing to take risks, to bring the resources together and develop new products, and start new businesses.

• Services

• Entrepreneur

• Human Resource

• Resources

In a centrally planned economy system, the problem of how much goods should be produced is solved by___________.

• the market mechanism

• the market mechanism and government intervention

• central planning institutions

• the quantity of factors of production in the economy

Which of the following is the characteristic of a free market economy.

• central planning authority

• private ownership of resources

• public ownership of resources

• promote social justice

Government intervention is necessary in the economy because __________

• the government has interests in the specific sector

• the government has power of monopoly

• the government wishes to overcome weaknesses in the free market economy

• the government wishes to share profits with the private sector

The followings are the advantages in Islamic economy system, EXCEPT

• to ensure safety and happiness on earth and afterlife

• to ensure social welfare

• distributes wealth and income fairly

• promote monopolies