What is the primary source of economic law in the Islamic economic system?
A) Government policies
B) Capitalist principles
C) Quran and Hadith
D) Market forces
Which economic system emphasizes private property rights and free market competition?
A) Islamic Economic System
B) Socialism
C) Capitalism
D) Communism
What is the core concept of economic justice in the Islamic economic system?
A) Maximum wealth accumulation
B) Redistribution of wealth through taxation
C) Charity and welfare through Zakat
D) Free-market competition
Which system believes that all property belongs to the state and is controlled by it?
A) Capitalism
B) Islamic Economic System
C) Socialism
D) Mixed economy
How does the Islamic economic system view wealth?
A) Wealth is for the individual’s exclusive benefit
B) Wealth is a gift from God and must be used responsibly
C) Wealth is distributed equally by the government
D) Wealth should be invested in speculative ventures
Which of the following does Capitalism primarily promote?
A) Collective ownership of resources
B) Redistribution of wealth by the government
C) Free markets with minimal government intervention
D) Equal income distribution for all
What is the role of the government in the Islamic economic system?
A) The government controls all economic activities
B) The government only ensures fairness, justice, and prevents exploitation
C) The government provides free market capitalism
D) The government owns all businesses
What is the primary goal of Socialism in terms of economic distribution?
A) Free competition
B) Wealth concentration in the hands of the few
C) Equal distribution of wealth and resources
D) Profit maximization for individuals
What does the concept of “Riba” (interest) signify in the Islamic economic system?
A) A tool for wealth creation
B) Permissible loan arrangements
C) A prohibited form of earning wealth through lending
D) A form of government taxation
Which of the following is an advantage of Capitalism over Socialism?
A) Equality in wealth distribution
B) Efficiency through competition and innovation
C) Government ownership of production
D) Collective decision-making
How does Islamic finance differ from Capitalism?
A) Islamic finance allows interest-based transactions
B) Islamic finance is based on Shariah law and prohibits interest (Riba)
C) Islamic finance supports private monopolies
D) Islamic finance focuses on wealth accumulation for individuals only
What is the concept of “Mudarabah” in the Islamic economic system?
A) A system of government-owned enterprises
B) Profit-sharing partnership where one party provides capital and the other provides labor
C) A tax system for wealth redistribution
D) A form of speculation in the market
Which system aims for the equitable distribution of wealth, but often involves government control over production?
A) Capitalism
B) Islamic Economic System
C) Socialism
D) Mixed Economy
What does the Islamic economic system encourage regarding wealth?
A) Hoarding of wealth for personal gain
B) Charity and sharing wealth with the less fortunate
C) Accumulation of wealth through speculation
D) Taxation by the state to redistribute wealth equally
In which system does the government control all the means of production and distribution?
A) Capitalism
B) Islamic Economic System
C) Socialism
D) Feudalism
Which of the following is a fundamental difference between Islamic economics and Capitalism?
A) Islamic economics promotes interest-based loans, while Capitalism does not
B) Islamic economics prohibits gambling, while Capitalism allows it
C) Islamic economics focuses on wealth for the individual, while Capitalism focuses on community welfare
D) Islamic economics promotes the fair distribution of wealth, while Capitalism encourages hoarding wealth
What is the role of private property in Islamic economics?
A) Private property is not allowed in Islamic economics
B) Private property exists but must be used responsibly and not exploited
C) The government owns all private property
D) Private property is to be used for personal gain only
Which economic system emphasizes the principle of “Profit-and-Loss Sharing”?
A) Capitalism
B) Socialism
C) Islamic Economic System
D) Feudalism
What is “Zakat” in the Islamic economic system?
A) A form of tax to fund government expenditure
B) A mandatory charitable giving to help the poor and needy
C) A market-based taxation system
D) A business investment scheme
Which of the following is an important principle of Capitalism?
A) Government control of all industries
B) Redistribution of wealth through taxation
C) Private ownership and profit maximization
D) Universal equality of income
How does Islamic economics view wealth?
A) Wealth is solely for the benefit of the individual
B) Wealth must be accumulated for personal enjoyment
C) Wealth must be used in ways that benefit the community, including through charity
D) Wealth should be concentrated in the hands of the few
Which system believes that the means of production should be owned and controlled by the community or state?
A) Capitalism
B) Socialism
C) Islamic Economic System
D) Feudalism
What is a key feature of the Islamic economic system in terms of market behavior?
A) Market forces determine the entire economy
B) The state controls all production and distribution
C) The market operates in a way that avoids exploitation and ensures fairness
D) The market encourages monopolies and wealth concentration
Which of the following does the Islamic economic system prohibit?
A) Profit-sharing based on risk
B) Riba (interest) and unjust speculation
C) Charitable giving
D) Private business ownership
What is the goal of Socialism in economic terms?
A) Maximizing individual wealth
B) Promoting free-market competition
C) Ensuring equal access to resources and wealth for all members of society
D) Accumulating wealth through interest
Which of the following is a characteristic of Capitalism?
A) Government-controlled economy
B) Public ownership of all resources
C) Private ownership and the pursuit of individual profit
D) Collective decision-making for economic policies
In the Islamic economic system, who has the ultimate ownership of wealth?
A) The individual
B) The government
C) The society
D) God (Allah)
Which system focuses on class equality and the abolition of private ownership of resources?
A) Capitalism
B) Islamic Economic System
C) Socialism
D) Feudalism
