How Has Brexit Been Going: The United Kingdoms Economy

The video discusses the Brexit referendum, its impact on the UK, and the challenges posed by the pandemic. It highlights the uncertainty surrounding Brexit, especially regarding trade, and explains the concept of trade intensity. The video also examines the economic implications for the UK and the difficulties faced by businesses in adapting to new trade conditions.

What was the nature of the Brexit referendum held in the UK?

• It was a referendum on adopting the euro.

• It was a referendum on joining the EU.

• It was a non-binding referendum.

• It was a binding referendum.

What was one of the biggest concerns about Brexit's impact on the UK?

• Increase in tourism

• Decrease in local businesses

• Adoption of a new currency

• Impact on trade and travel

What was a major issue for the UK between the Brexit referendum and leaving the EU?

• Immediate economic growth

• Uncertainty about the post-Brexit scenario

• Adoption of EU regulations

• Certainty about future trade deals

How does the EU primarily function in terms of trade?

• As a union with high tariffs

• As a union with a single currency

• As a union of isolated economies

• As a union of free trade

What is trade intensity?

• The total value of imports

• The total value of exports

• The difference between exports and imports

• The sum of imports and exports divided by GDP

Why is trade particularly important for the UK?

• The UK is isolated from global markets

• The UK has abundant natural resources

• The UK has a low trade intensity

• The UK is highly dependent on trade

What challenge did businesses face due to Brexit uncertainty?

• Difficulty in planning and investment decisions

• Immediate increase in profits

• Clear guidelines for future investments

• Reduction in global trade