European Single Market - Explaining Brexit.

The video discusses the European single market, a trade agreement among 28 nations that facilitates easy trade by eliminating tariffs, taxes, and quotas. It explains the potential impacts on the UK if it leaves the single market, including increased costs for UK goods due to tariffs and quotas. The video also covers the freedom of movement and standardized regulations within the single market, which simplify trade. Non-EU countries like Norway, Iceland, and Liechtenstein participate in the single market, but staying in it poses challenges for the UK, such as fees, adherence to EU laws, and immigration issues.

What is one of the main benefits of the European single market for member countries?

• Free movement of goods without taxes or quotas

• Increasing local production costs

• Restricting the number of goods that can be traded

• Imposing tariffs on each other's goods

How does the single market ensure a level playing field among member countries?

• By allowing each country to set its own safety standards

• By enforcing the same regulations across all member countries

• By allowing different packaging standards for each country

• By letting countries exploit workers for competitive advantage

Which countries are part of the European single market but not the EU?

• Sweden, Denmark, and Finland

• Spain, Portugal, and Greece

• France, Germany, and Italy

• Norway, Liechtenstein, and Iceland

What is a potential downside for the UK if it remains in the single market?

• Restricting the free movement of people

• Having to follow the European Court of Justice rulings

• Avoiding annual fees to the EU

• Gaining voting power on EU laws

What percentage of UK exports go to the EU, highlighting the importance of the single market?

• 44%

• 30%

• 60%

• 75%