Question 4496:

• NECO 2009

A monopolist is a ____________

A. Duopolist
B. Group of producers of related goods
C. Partnership business that produces a commodity with high demand
D. Single producer or seller of a commodity at cheap rate
E. Single producer or seller of a commodity that has no close substitute

Question 4497:

• NECO 2009

The purchasing power of the Naira will fall when ____________

A. Worker are retrenched
B. The colour of the Naira is changed
C. The military take over
D. There is inflation
E. None

Question 4498:

• NECO 2009

The process of building up country’s capacity to process raw materials for the production of goods is known as ____________

A. Firm
B. Industry
C. Industrialization
D. Location of industry
E. Localization

Question 4499:

• NECO 2009

Which of the following is a function of the central bank?

A. Accepting deposits from the public
B. Agent of payment for individuals
C. Discounting bills of exchange
D. Issuing of currency
E. Provision of short term housing loans

Question 4500:

When the supply of a commodity is fixed, its price elasticity of supply is said to be ____________

A. Perfectly elastic
B. Perfectly inelastic
C. Undefined
D. Elastic
E. Inelastic