Consider the following statements about Organization of the Petroleum Exporting Countries (OPEC):
- OPEC is an example of economic integration
- Its headquarters are located at Vienna
Which of the above statements is/are correct?
First statement is incorrect because Organization of the Petroleum Exporting Countries (OPEC) is an example of international cartel that cooperates to reduce market competition. An "economic integration" combines customs union with a common market which promotes free trade and reduce and ultimately remove, tariff and non tariff barriers. Second statement is correct.
This question is a part of GKToday's Integrated IAS General Studies Module