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WAEC Economics 2022 Question 22

Question 22

Business Organisations

Cooperative societies are formed mainly to

  1. A.assist producers to maximize their profits
  2. B.encourage thrift and credit among members
  3. C.promote and maintain the welfare of members
  4. D.break the monopolies of private companies
Show the answer and explanation

Answer: C (promote and maintain the welfare of members)

Explanation

Co-operatives exist to serve their members' welfare rather than to make profit.