Twenty-Seven Countries in Europe Have Formed the European Union (EU)

question 127

Multiple Choice

Twenty-seven countries in Europe have formed the European Union (EU) .After the EU was formed, it

• A)greatly decreased imports and exports among its member countries.
• B)barred imports of 747 jumbo jets by its member countries; all EU countries must now buy jets from Airbus, a European company.
• C)eliminated all tariffs among its member countries.
• D)completed a trade treaty (NAFTA)that reduced tariff rates between the EU and North American countries.

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Definitions:

Developing Countries

Nations with a lower level of material wealth, less developed industrial bases, and lower Human Development Index ratings compared to more developed countries.

Minimum Wage

A legal floor on the wage rate. The wage rate is the market price of labor.

Unemployment

Refers to the situation where individuals who are able and willing to work are not employed.

Skilled Workers

Individuals who have special training, education, knowledge, and abilities in their field of work.