The Goal of the European Union, a Multinational Economic Community

question 65

Multiple Choice

The goal of the European Union, a multinational economic community, is to:

• A) liberalize the world financial services, telecommunications, and maritime markets.
• B) help American workers, farmers, and small businesses thrive and grow.
• C) remove all barriers to free trade among its members, and standardization of currencies and regulations.
• D) extend free-trade benefits to most nations around the world.

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Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher best known for his theories on free market economies and the concept of the 'invisible hand' guiding supply and demand.

Multinational Corporations (MNCs)

Companies that operate in several countries, often having a centralized head office where they coordinate global management.

Global Strategy

A methodology for conducting business around the world, including expanding operations and marketing to different countries.

Standard of Living

The level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.