Question on: JAMB Economics - 2017
Which of the following statement is TRUE about ECOWAS?
A
The aim of ECOWAS is to ensure economic stability
B
Bigger state in the community dominate the small state
C
Members of the ECOWAS community can form cartel and create monopolies
D
English is the only official language of ECOWAS
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Correct Option: C
The correct statement about ECOWAS is:
- A. The aim of ECOWAS is to ensure economic stability
Here's why the other options are incorrect:
- B. While there might be economic disparities, the official aim of ECOWAS is to promote cooperation and development among all member states, not to have bigger states dominate smaller ones.
- C. ECOWAS aims to promote free trade and a common market. Cartels and monopolies would hinder these goals by restricting competition and distorting markets.
- D. ECOWAS has multiple official languages, including English, French, and Portuguese.
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