Monopoly can best be described as a market in which

• A. A single seller sells a product which has no close substitute
• B. Few sellers sell a product s at different prices
• C. The entry of other firms is restricted by the few firms in the market
• D. Two or more sellers sell a product which is differentiated

Which of the following is used by the central bank to control the rate of interest

• A. bill of exchange
• B. banker's order
• C. fixed deposit account
• D. open market operation

Indigenization policy is a measure aimed at

• A. privating the existing business owned by the state
• B. commercializing state owned businesses
• C. reducing foreign economic domination
• D. making the indegenes managing directors of businesses

The coefficient of price elasticity of demand is zero when demand is

• A. Fairly elastic
• B. Perfectly inelastic
• C. Fairly inelastic
• D. Unitary elastic

In economics, production takes place only when

• A. producers sell to retailers
• B. value has been added to a commodity
• C. modern equipment is used
• D. consumption has taken place

If the Central Bank of Nigeria reduces the bank rate, this will cause

• A. money supply to increase
• B. commercial banks to reduce lending
• C. commercial banks to merge
• D. money supply to reduce

\(\begin{array}{c|c}

& \text{Year 1} & \text{Year 2} \\

\hline

\text{GNP at current prices(NM)} & 20,000 & 27,000 \\ \hline

\text{Population(Million)} & 20 & 24 \\

\end{array}\)

What is the percentage increase in GNP between year 1 and year 2?

• A. 3.5.0%
• B. 14.0%
• C. 20.0%
• D. 35.0%

Foreign exchange rate in a free market economy is determined by?

• A. the government
• B. the Central Bank
• C. demand and supply
• D. commercial banks

A firm is said to be a public joint stock company when it

• A. is owned by the government
• B. sells its shares to members of the public
• C. operates as a government corporation
• D. is not legally recognized as a firm

In the diagram below, what is the excess demand at the price of N60

• A. 200
• B. 300
• C. 600
• D. 100