Islamic Economic system MCQs

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Islamic economic system – This differs from traditional economic theory in that its religious principles are deeply intertwined. It views the principles
Islamic Economic System MCQs

Islamic Economic System MCQs

Islamic economic system – This differs from traditional economic theory in that its religious principles are deeply intertwined. It views the principles of economic science as constant, regardless which economic system/ nation it operates within. Here on MCQs.club we have prepared Multiple Choice Questions (MCQs) on Islamic economic system that fully cover MCQs on the Factors of Islamic economic system, Islamic Finance, The Economic System in Islam, the salient features of Islamic economic system. These MCQs on Principles of Islamic Economic System are useful for Competitive exams, Professional accountancy exams and Business management exams.

  1. Factors that enhance the relevance and importance of Islamic economic systems include:
    1. Increasing integration between Muslim and non-Muslim nations
    2. Muslim nations control a substantial share of the world’s oil resources which are as critically important to Western, Eastern, developing and developed economies alike
    3. Both A&B
    4. None
  1. Islamic economic system –
    1. The Islamic economic system differs from traditional economic theory in that its religious principles are deeply intertwined.
    2. It views the principles of economic science as constant, regardless which economic system/ nation it operates within.
    3. Islamic Economic standards fundamentally based on a fair distribution of resources.
    4. All of the above
  1. Islamic economics differentiates through analysing the production and distribution of resources. Identify which of the following is correct?
    1. Economic science: improving manufacturing efficiency, productivity and the properties of inflation
    2. The economic system: how to distribute resources
    3. Its only considers option A
    4. It considers both A&B options as separate
  1. A number of features in the Islamic economic system will be shared with:
    1. Planned economies
    2. Market economies
    3. Mixed economies
    4. None
  1. The core features of Islamic economic system include:
      1. Allah is the sustainer
      2. God is the true owner of everything
      3. State ownership
      4. Practising moderation
      5. Prohibition of charging interest (Riba)
      6. Hoarding of wealth is discouraged
      7. Zakat
    1. (I) (II) and (VII) only
    2. (I) (II) (V) and (VII) only
    3. All of the above
    4. None
  1. The Islamic economic system –
    1. Uses mechanisms such as Zakat, Sadaqat and bequest to help re- distribute wealth.
    2. Concept of interest is effectively abolished. Incentivisation for saving and investment exists through profit- share and partnership.
    3. Common exploitation of the weak through relatively unlimited
    4. A&B only
  1. Islamic economics does not support the premise of relative scarcity but rather believes that there are more than enough goods and commodities to satisfy the needs of all.
    1. False
    2. True
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