WAEC Economics 2011 Objective — Question 47
Question 47 of 50 from the West African Examinations Council (WAEC) Economics 2011 Objective paper, with the correct answer and a full explanation.
Advertisement
In order to stabilize oil price in the world market, there is the need for OPEC members to
- A. A. always have budget deficit
- B. B. encourage competition among themselves
- C. C. adhere to production quotasCorrect
- D. D. fix the price of non-oil
Explanation
Production quotas is the quantity each member is given to supply to the market to avoid excess supply of output that can lead to a fall in price.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.