SS6E8 Specialization and European Union

European Union has promoted trade by? Select all that apply

• A. by creating a common currency

  D by eliminating tariffs on trade between members

• B. by nationalizing major European industries

• C. by eliminating quotas on all foreign imports

• D. by eliminating tariffs on trade between members

In response to Russia's invasion of Ukraine in 2015, many European nations enacted sanctions against the agricultural sector of Russia. Under the sanctions, no European nations can trade with Russia for agricultural resources. What is the BEST description of these sanctions as an economic barrier to trade?

• A. The sanctions are subsidies.

• B. The sanctions are tariffs.

• C. The sanctions are a quota.

• D. The sanctions are an embargo.

The European Union purpose is too?

• A. to maintain the largest standing army in the world as a deterrent

• B to promote peace, security, and justice through cooperation

• C. to enforce global peace treaties through military intervention

• D. to enforce global peace treaties through military intervention

In the eurozone of the European Union which economic feature exists?

• A. tariffs between members

• B. government control of industry

• C. a common currency

• D. C minimal business regulation

Based on this information, which statement is MOST LIKELY correct? Germany specializes in the production of automobiles.

• A. Germany has a low gross domestic product and high unemployment.

• B. Germany can produce automobiles more efficiently than other countries.

• C. Germany has no natural resources that other countries demand.

• D. Germany sells automobiles to domestic consumers for very low prices.

If a citizen of Russia wishes to travel to the United Kingdom for vacation, they should first visit which of these institutions in order to exchange their Russian rubles for British pounds?

• A. a stock market

• B. any Russian store

• C. any British store

• D. a bank

The purpose of a system of currency exchange is what?

• A. to create demand for goods and services

• B. to lower product prices for consumers

• C. to allow for trade between countries

• D. to reduce production costs for businesses

The European Union limits the amount of steel that members can import each year, in order to protect its steel industry. What type of barrier to trade is this an example of?

• A. a quota

• B. an embargo

• C. a tariff

• D. a subsidy

What is an Embargo?

• A. blocking all trade with another nation.

• B. able to read

• C. a trade barrier which places a limit on imported goods.

• D. Self-governing

Country X does not have the resources to produce many types of industrial goods, so it trades with other countries. It has a lot of high-quality farmland, so agricultural consumes fewer resources than it would in other countries. To encourage economic growth, Country X's government provides tax incentives to farmers who invest in new equipment or purchase additional farmland. The text is describing which one of the answer choices?

• A. investment in human capital

• B. economic specialization

• C. a command economy

• D. barriers to trade