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JAMB Economics 1992 Question 50

Question 50

International Economic Organisations

One of the gains by member states of the Economic Community of West African States is

  1. A.monocultural dependency
  2. B.trade creation
  3. C.trade inversion
  4. D.economic independency
Show the answer and explanation

Answer: B (trade creation)

Explanation

Removing trade barriers among members lets cheaper producers within the region replace dearer ones, creating new trade.