The European Union is a group of 28 countries that serves as a cohesive economic and political bloc. Its 19 member countries use 'Euro' as their official currency, while 9 member countries do not use Euro. In order to end the centuries-long war between European countries, the desire to form a single European political entity developed as the European Union ended with World War II and much of the continent. The EU has developed an Internal Single Market through a standardized system of laws that applies to the affairs of all Member States and all Member States have an opinion on it. Let's know more about European Economic.
1. When was European Economic Community {EEC} founded?
A. In the year 1957
B. In the year 1958
C. In the year 1959
D. In the year 1967
2. Which of the following mottos of the European Economic Community?
A. Economic integration was to be established among the founding members (six)
B. Including a common market
C. Customs Union
D. All of the above
3. Which of the following type of economic systems do most European countries have?
A. Mixed, Mostly Market
B. Mixed, Mostly Command
C. Mixed, Mostly Communist
D. All of the above-mentioned
4. Which one economic system includes Gov ownership of land, resources, and major industries?
A. Traditional
B. Market
C. Command
D. None of the above
5. Which are ways that the European Union increased trade between member nations?
A. Creation and use of the euro
B. Eliminated tariffs on trade between member nations
C. Both of the above
D. None of these
6. Which is the benefit of having few trade barriers between European Union countries?
A. Creation and use of the euro
B. Eliminated tariffs on trade between member nations
C. Increased trade between countries
D. All of the above
7. Add training or education of workers is an example of which factor of production?
A. Human Capital
B. Entrepreneurs
C. Capital Goods
D. All of the above
8. How do investing in Capital Goods increase profits?
A. It increases productivity by allowing faster production
B. It improves the quality of the natural resources
C. It educates workers
D. None of these
9. Which of the following European country listed is the least free?
A. United Kingdom
B. France
C. Russia
D. Germay
10. Which of the following effect did the creation of the Euro have on the member countries of the European Union?
A. Decreased production of goods and services
B. Increased literacy rate
C. Increased trade
D. All of the above
11. Which alphabet letter on the economic continuum would BEST represent Germany?
A. A alphabet
B. B alphabet
C. C alphabet
D. D alphabet
12. The EU and UK have reached a post-Brexit trade deal, ending months of disagreements over:
A. Fishing rights
B. Future business rules
C. Both of the above
D. None of these
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