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"International Economic Organizations" question number distribution across years
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WAEC questions for "Economics :: International Economic Organizations"
Q1

The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are

A

Nigeria, Iraq, Venezuela, Kuwait and Ghana

B

Saudi Arabia, Kuwait, Sierra Leone, Iran and Iraq

C

Algeria, Kuwait, Venezuela, Iran and The Gambia

D

Kuwait, Venezuela, Iran, Iraq and Saudi Arabia

E
Q2

The headquarters of the Africa Development Bank (ADB) was originally located in

A

Cotonou

B

Harare

C

Abidjan

D

Lagos

E
Q3

The Economic Commission for Africa is an agency of the 

A

Organization of Africa Unity

B

Africa Development Bank

C

European Union

D

United Nations Organization

E
Q4

Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?

A

Construction, manufacturing and banking

B

Shipping, trading and fishing

C

Power, telecommunications and sporting

D

Extraction, farming and tourism

E
Q5

ECA means

A

Economic Commission of Africa

B

Economic Community of Africe

C

Exporting Counties of Africa

D

Economic Conference of Africa

E
Q6

One of the functions of the International Monetary Fund (IMF) is to

A

devalue the currency of member states

B

reduce drastically the size of deficit financing of member states

C

give financial assistance to member states that have temporary balance of payment difficulties

D

discourage the rapid industrialization process in the less developed nations of the world

E
Q7

The full meaning of OPEC is

A

Oil and Petroleum Exporting Countries

B

Original Petroleum Exporting Companies

C

Organization of Petrol Exporting Countries

D

Organization of Petroleum Exporting Countries

E
Q8

The Economic Community of West African State (ECOWAS) is an example of

A

bilateral trade

B

economic integration

C

regional marketing board

D

international competition

E
Q9

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

A

stabilization of oil prices

B

co-ordinating oil prices

C

harmonizing oil prices

D

stagnation of developed economies

E
Q10

The Economic Community of West Africa State (ECOWAS) has been slow in achieving its objectives because of 

A

political instability in member states

B

the activities of multinationals

C

inadequate personnel at the secretariat

D

inadequate international support

E
Q11

A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that

A

crude oil price has increased tremendously

B

petroleum products prices have remained low

C

producing countries are highly industrialized

D

prices of crude oil has remained relatively stable

E
Q12

The Organization of Petroleum Exporting Countries (OPEC) is an example of a 

A

perfect competition

B

monopoly

C

duopoly

D

cartel

E
Q13

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

A

fixing oil production levels

B

ensuring optimum production of oil

C

promoting efficiency in the management of oil

D

supplying oil at affordable rates

E
Q14
The organisation of Petroleum Exporting Countries (OPEC) is a
A
cartel
B
duopoly
C
monopoly
D
monopsony
E
Q15
Which of the following countries is not a member of Economic Community of West African State (ECOWAS)?
A
Ghana
B
The Gambia
C
Cameroun
D
Guinea Bissau
E
Q16
One of the major objectives of the African Development Bank (ADB) is the mobilization of
A
Black in developed countries to assist Africa
B
qualified manpower for member states
C
foreigners to assist Africa
D
women for economic development
E
Africans toward economic progress
Q17
The international cartel formed to stabilise the World Oil Market i the
A
Economic Commission for Africa Importing
B
International Monetary Fund
C
Organization of Petroleum Exporting Countries
D
Organization of Petroleum Importing Countries
E
International Trade Organization
Q18
The United Conference on Trade And Development (UNCTAD) is a forum designed specifically for discussing the
A
political conflicts in the United Nation Security Council
B
educational needs of the development countries
C
religious affairs in southern Africa
D
revenue allocation in Nigeria
E
better terms of trade in the world
Q19
The international Monetary Fund (IMF) is an international organization which
A
give annual grants to all developing countries
B
assists countries to solve their balance of payments problems
C
helps countries to execute their development projects
D
helps to promote regional economic groupings
E
is owned by the developed countries
Q20
Where is the Headquarters of the African Development Bank (ADB) located?
A
Lome
B
Adis Ababa
C
Accra
D
Lagos
E
Abidjan
Q21

Under the ECOWAS agreement, a Nigerian can enter and stay in ghana for a period of

A

14 days

B

30 days

C

60 days

D

90 days

E

100 days

Q22

The price and quantity of crude oil and petrol sold to other countriel by Nigeria is fixed by the

A

ECOWAS

B

IMF

C

OPEC

D

NNPC

E

EECA

Q23

Which of the following is not a member of OPEC?

A

Indonesia

B

Iran

C

Venezuela

D

United Arab Emirates

E

Egypt

Q24

Another name for the International Bank for Reconstruction and Development (IBRD) is

A

International Monetary Fund

B

International Decelopment Bank

C

World bank

D

International Bank of Africa

E

International Bank for West Africa

Q25

The headquarters of the Organisation of Petroleum Exporting Countries (OPEC) is in

A

Geneva, Switzerland

B

Vienna, Austria

C

Paris, France

D

London, England

E

New york, USA

Q26

Thee country that makes the largest contribution to IMF is

A

The USA

B

Britain

C

West Germany

D

France

E

Norway

Q27

Which of the following hard currencies is usually used in the pricing of oil at the world market particularly by the Organisation of Petroleum Exporting Countries (OPEC)?

A

US dollar

B

Japanese Yen

C

Pound sterling

D

Deutschemark

E

Naira