WAEC Economics 2017 Objective — Question 48
Question 48 of 50 from the West African Examinations Council (WAEC) Economics 2017 Objective paper, with the correct answer and a full explanation.
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One objective of the Organisation of Petroleum Exporting Countries (OPEC) is to
- A. A. harmonise and stabilize oil pricesCorrect
- B. B. ensure excess supply of oil to consuming countries
- C. C. subsidise oil prices in member countries
- D. D. assist member countries to exploit oil resources
Explanation
The main objective of any cartel such as OPEC is to average price of their product by controlling output of members.
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