ECONOMICS
ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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reducing barriers to trade and travel
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sharing expense of a common defense
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promoting the use of a common language
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providing funds and materials for education
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Detailed explanation-1: -The correct answer is option 1 i.e Reducing barriers to trade and travel. When the EU was founded in 1957, the Member States concentrated on building a ‘common market’ for trade. Since 1957, the European Union has benefited its citizens by working for peace and prosperity.
Detailed explanation-2: -Stimulus to GDP growth, more jobs, higher wages and pensions; Growing internal market and domestic demand; Free movement of labour, goods, services and capital; Free access to 450 million consumers.
Detailed explanation-3: -BERLIN (Reuters)-The European Union’s industrial heartlands, its urban regions and Germany are the biggest beneficiaries of the bloc’s single market, according to a study that highlights the economic and social inequalities plaguing the bloc.
Detailed explanation-4: -Benefits of EU trade to consumers 1. Decrease in prices for the same range of goods (direct); 2. Increase in the variety of products (direct); 3. Increase in the growth rate (indirect).
Detailed explanation-5: -a continent at peace. freedom for its citizens to live, study or work anywhere in the EU. the world’s biggest single market. aid and development assistance for millions of people worldwide.