This paper studies stability and stabilisation issues of switched linear time-invariant systems with stable/unstable multiple equilibria. Investigation of such switched systems is motivated by a switching economic system. The well-known common Lyapunov function method is shown to be ineffecctive in analysing region stability of switched systems with multiple equilibria via a counterexample. When every subsystem has an equilibrium point and all multiple equilibria pairwise differ, this paper proposes some sufficient conditons for region stability/instability of such switched systems with respect to a region containing all multiple equilibria under arbitrary quasi-periodical switchings. These novel results imply that there may exist stable limit cycles of such switched systems. Based on the stability results, a global asymptotic region-stabilising controller, quasi-periodical switching path, and corresponding algorithm are all designed for such switched control systems. Several illustrative examples demonstrate the effectiveness and practicality of our new results.