Question

Which term describes the type of government in which the power to rule is held by a small, usually self-appointed elite?

Answer 1

The term that described a small group of people who rule a certain country and hold immense power would be an oligarchy - B.

However, oligarchies aren't only found in the strata of society when we're talking about leading a country, there are often oligarchical groups found in powerful business areas where a lot of money is being earned.