EU short questions 🇪🇺🌍💶

What is a Regulation in the EU?

A legislative act that is binding in its entirety and must be applied automatically across all EU member states, replacing any conflicting national laws.

What is an example of EU Regulation?

GDPR (General Data Protection Regulation).

What is a Directive in the EU?

A legislative act that sets out a goal that all EU countries must achieve, but allows individual countries to devise their own laws to reach these goals.

What is an example of an EU Directive?

Single-Use Plastics Directive.

What is a Decision in the EU?

A legislative act that is binding only on those it is addressed to, such as a specific country, company, or individual.

What are Recommendations or Opinions in the EU?

Non-binding views issued by EU institutions.

What is the European Commission's role?

Holds the 'Right of Initiative' to propose new laws, manages the EU budget, and represents the EU internationally.

Who makes up the Council of Ministers in the EU?

National government ministers from each member state.

What is the role of the European Parliament?

Discusses proposals and has 'Co-decision' powers with the Council, being able to approve, amend, or reject the EU budget.

What is the Common Agricultural Policy (CAP)?

A policy aimed at providing high-quality, safe, and affordable food for EU citizens and ensuring a fair standard of living for farmers.

What is the Common Fisheries Policy (CFP)?

A policy aimed at managing and conserving fish stocks to ensure the sustainability of the fishing industry.

What is the Balance of Payments formula?

Total Exports - Total Imports.

What is Visible Trade?

Trade involving physical goods such as food, chemicals, and machinery.

What is Invisible Trade?

Trade involving services like tourism, financial services, and software.

What is an Invisible Export?

Selling a service to a foreigner, e.g., a US tourist in Dublin.

What is an Invisible Import?

Buying a foreign service, e.g., an Irish person on holiday in Spain.

What is Protectionism?

Discouraging imports to protect local firms.

What is a Tariff?

A tax on imports.

What is a Quota?

A physical limit on the quantity of goods imported.

What is an Embargo?

A total ban on trade with a specific country.

What is a Subsidy?

Financial support given to domestic firms to help them compete.

What is Import Substitution?

Replacing imports with domestically produced goods of similar quality.

What is a Trading Bloc?

A group of countries that agree to remove trade barriers between them.

What is the role of the World Trade Organisation (WTO)?

Promotes free trade by negotiating the reduction of trade barriers and settles trade disputes between member nations.

What defines an Open Economy?

A country that trades heavily with other nations.

What is a Mixed Economy?

An economy where both private enterprise and the state own factors of production.

What are State-Owned Enterprises (Semi-States)?

Companies owned by the government to provide essential services and control natural monopolies.

What is a Capitalist (Free Market) Economy?

An economy characterized by private ownership with minimal government interference, where prices are set by supply and demand.

What is a Centrally Planned Economy?

An economy where the government owns everything and decides what is produced.

What is a Transnational Company (TNC)?

Companies with a head office in one country and branches in many others.

What are the benefits of Transnational Companies (TNCs)?

Job creation, tax revenue, and the 'spin-off' effect for local suppliers.

What are the drawbacks of Transnational Companies (TNCs)?

They are considered 'footloose' and can leave easily, with profits often sent back to the home country.