EU History
What was the original name of the EU when it was first formed in 1952?
European Coal and Steel Community (ECSC)
In what year was the Brexit referendum held?
2016
What issue did many Leave voters associate with loss of control over UK laws?
Loss of sovereignty
Why did businesses fear increased costs after Brexit?
Loss of free trade with EU and increased red tape
What is law of supply?
The Law of Supply states that, all other factors being equal (ceteris paribus), a higher price for a good or service leads to a greater quantity supplied, and a lower price leads to a lower quantity supplied.
Name one key military or economic resource the ECSC removed trade barriers for
Coal, steel, scrap, or iron ore
What was the result of the Brexit referendum (% Leave vs % Remain)?
52% Leave, 48% Remain
Why did Leavers want to take back control of UK borders?
To reduce immigration from EU countries
What did EU legislation guarantee for all workers?
Equal pay, paid leave, anti-discrimination laws
2012
Aim: Abolish trade barriers in military resources (coal, steel, iron ore).
What does the term "Brexit" stand for?
Britain + Exit
What EU policy did the UK not adopt, which Leavers still opposed?
The Euro (common currency)
Why did supporters say the UK had more global influence in the EU?
Because it was part of a large political and economic bloc
Defination of aggregate demand
the total demand for goods and services within a particular market.
The EU began as the European Coal and Steel Community (ECSC) in 1952 with 6 countries.
What two political arguments did Leavers use—one from the right, one from the left?
Right: too many EU regulations; Left: EU supports big corporations
What % of UK exports went to the EU before Brexit?
Around 50%
World Cup winner of 2006
Italy