* not completed

. On 1 January 1958, six countries signed the treaty establishing the European Economic Community (EEC), in turn establishing the foundations for the European Union. In which European capital was it signed, from which it also takes its name?

Athens correct incorrect

Brussels correct incorrect

Rome correct incorrect

Amsterdam correct incorrect

* not completed

. The European Union (EU) has grown to be one of the world's largest trading blocs and markets. What is the approximate size of the population of the EU?

500 million people correct incorrect

292 million people correct incorrect

1.3 billion people correct incorrect

127 million people correct incorrect

* not completed

. Which two institutions decide the European Union's budget?

The Council of Ministers and the European Commission correct incorrect

The European Parliament and the European Central Bank correct incorrect

The Council of Ministers and the European Parliament correct incorrect

The European Central Bank and the European Commission correct incorrect

* not completed

. The European Union is one powerful global economic bloc. ASEAN is best described as being:

A free trade zone correct incorrect

A confederation of states correct incorrect

A customs union correct incorrect

A monetary union correct incorrect

* not completed

. Which of the following European Union countries are sometimes referred to as the PIGS countries?

Portugal, Italy, Ireland, Greece, Spain correct incorrect

Poland, India, Germany, Slovenia correct incorrect

Poland, Ireland, Greece, Switzerland correct incorrect

Portugal, Italy, Greece, Slovenia correct incorrect

* not completed

. What is the main reason behind the introduction of the euro?

It promotes economic sovereignty correct incorrect

It can protect business trading from currency fluctuations correct incorrect

To allow the free movement of people correct incorrect

It was a branding exercise correct incorrect

* not completed

. Which of the following countries is not a member of the EU?

Croatia correct incorrect

Spain correct incorrect

Malta correct incorrect

Turkey correct incorrect

* not completed

. Which of the following are exclusive EU competencies in relation to member states?

Conservation of marine biological resources (common fisheries policies), common market policies, the customs union, and monetary policy for member states belonging to the eurozone correct incorrect

The customs union, the environment, agriculture, and consumer protection correct incorrect

Monetary policy for member states belonging to the eurozone, tourism, transport and industrial policy, and EU regional policy correct incorrect

The customs union, common commercial (trade) policies, education, and culture. correct incorrect

* not completed

. Which of the following is not an argument for a country allowing its currency to float freely?

It allows the country to have sovereignty over its currency correct incorrect

It enables a country to allow its currency to depreciate if it faces balance of payments deficits correct incorrect

It gives greater certainty to firms involved in trade in terms of future revenues correct incorrect

It enables a country to have greater control over its fiscal and monetary policies correct incorrect

* not completed

. A common or single market will have all of the following features except:

No internal trade barriers correct incorrect

Common external tariff correct incorrect

Factor and asset mobility correct incorrect

A common currency correct incorrect

* not completed

. Which of the options below is the only characteristic of a free trade area?

A common currency correct incorrect

Common economic policy correct incorrect

No internal trade barriers correct incorrect

Common external tariff correct incorrect

* not completed

. A car manufacturer in the UK agrees to sell cars to a Spanish car retailer in six months' time at a price of £10,000 per car. Both companies agree that the contracted rate of exchange will be £1 = €1.50, so that the Spanish company will pay €15,000 for each car on delivery of the order. This is the amount in euros that the UK manufacturer will receive. If in six months' time the euro has depreciated in value:

The UK manufacturer will actually receive less than £10,000 for each car. correct incorrect

The UK manufacturer will receive more than £10,000 per car. correct incorrect

The UK manufacturer will receive £10,000 per car. correct incorrect

The amount of revenue in pounds sterling will depend on the costs of producing the cars. correct incorrect