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JAMB Economics 2014 Question 39

Question 39

International Economic Organisations

The major contribution of OPEC to the Nigerian economy is the

  1. A.stabilization of oil prices.
  2. B.building of refineries.
  3. C.provision of social infrastructures.
  4. D.granting of subsidies on petroleum products.
Show the answer and explanation

Answer: A (stabilization of oil prices.)

Explanation

OPEC sets production quotas to keep oil prices stable, which steadies Nigeria's oil revenue.