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JAMB Economics 2005 Question 50

Question 50

International Economic Organisations

An institution that regulates trade relations among members is the

  1. A.ADB
  2. B.OPEC
  3. C.EU
  4. D.IMF
Show the answer and explanation

Answer: C (EU)

Explanation

The European Union is a common market that sets the rules of trade among its member countries. OPEC regulates oil output and prices, not trade relations.