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WAEC Economics 2005 Question 50

Question 50

Natural Resources and Petroleum

Which of the following is not an objective of the Organisation of Petroleum Exporting Countries (OPEC)?

  1. A.Stabilization of oil prices
  2. B.Co-ordinating prices
  3. C.Harmonizing oil prices
  4. D.Stagnation of developed economies.
Show the answer and explanation

Answer: D (Stagnation of developed economies.)

Explanation

OPEC aims to stabilise and co-ordinate oil prices, not to make other economies stagnate.