Multiple Choice Questions (MCQs): Mark each 1. In assessing the supply and demand for human resources in Islam, which statement is the most accurate? A. Hired labour will be employed at the market wage (ujrah) up to the point the supply and demand for hired labour are in equilibrium. B. Hired labour will continue to seek employment when the opportunity cost for hired labour is below that of an entrepreneurial opportunity. C. The supply of entrepreneurial labour will be a residual of the total stock of human resources after those resources have been placed on the market wage (ujrah). D. A & C 2. Higher values of the Gini coefficient are associated with A. Grater education inequality. B. Greater income inequality. C. Less income inequality. D. Greater labour mobility. 3. What must be present in a transaction that would differentiate between a lawful profit (ribh) from an unlawful gain (riba') in terms of equivalent counter-value ('iwad)? A. Market risk (ghunm). B. Liability (daman), including ownership (milkiyyah). C. Earnings (kasb), implying effort (amal). D. Any or all of the above. 4. What cannot be used as a medium exchange from an Islamic perspective? A. Gold. B. Debt (dayn). C. Silver. D. Copper. 5. Which type of money can be categorized as fiat money? A. Dinar. B. Copper (fulus). C. Paper money. D. B & C. 6. What do the Islamic functions of money NOT include? A. Medium of exchange and unit of account. B. To impart Shari'ah legal requirements. C. To earn a profit from financing at the time value of money. D. Store of value and standard for deferred payment. 7. On what basis would society NOT use a particular medium of exchange currently in use? A. If it lost its store of value function of money. B. If it increased in intrinsic value. C. If a government decreed it was not valid for the payment of taxes. D. A & C. 8. How did the early Muslim scholars describe the medium of exchange? A. An instrument of transfer only that cannot be sold (lent) for a profit. B. A commodity that can be traded for a profit (interest) like any other commodity. C. As a commodity that can be traded in the capital markets. D. A commodity that can be traded in a money market. 9. Which monetary theory ensures that real prices are low and stable over the long term? A. Monetarism. B. A monetary theory of value. C. The quantity theory. D. Liquidity preference theory. 10. What specific types of currency were mentioned by Allah (s.w.t.) in the Qur'an? A. Dinar and Dirham. B. Copper coins (fulus). C. Paper notes. D. None of the above