Economics Quiz 6

This quiz requires the use of the computer lab.

This quiz will test your understanding of the concepts discussed this week regarding the different
business economic models. Answer each of the following questions in short paragraph form 91-2
paragraphs)

1. Explain what perfect competition is, and what some of its advantages and disadvantages are.
Then, use the internet to find an example in real-life, and explain why the example you give
qualifies.

2. Explain what a monopoly is, and what some of its advantages and disadvantages are. Then, use
the internet to find an example in real-life, and explain why the example you give qualifies.

3. Explain what a practical monopoly is, and explain how it differs from a normal monopoly. Then,
use the internet to find an example in real-life, and explain why the example you give qualifies.

4. Explain what anarcho-syndicalism is, provide an example from real life, and explain an
advantage of this system. Then, use the internet to find an example in real-life, and explain why
the example you give qualifies.

5. The macroeconomic concept of socialism is that workers control the means of production,
rather than business owners. How does this compare with anarcho-syndicalism? Explain your
reasoning.

6. Why is perfect competition considered impossible? Do you agree? Explain your reasoning.