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level: Lecture + Chapter 20: Economic Policy

Questions and Answers List

level questions: Lecture + Chapter 20: Economic Policy

QuestionAnswer
What is the Economic Policy about of the European Union?The policy concerning with the management of goods and services including productivity, consumption, money, supply and competition.
What is Competition policy about of the European Union?The policy concerns avoiding marketplace distortion caused by monopolies, cartels, price-fixing, abuse of dominant position and market sharing.
What has the EU done in order to guard against abuse of dominant positions?The EU have a competition policy focused on the reduction of restrictive practices, the control of mergers and monitoring the effects of state aid.
What are the 4 Freedoms of the Free market?Free movement of people, capital, goods and services.
Why is it impossible to divorce politics and economicsThis is because political decisions are driven by economic needs and pressures, while governments' economic choices are influenced by political considerations.
What is the Customs Union?An arrangement under which all tariffs, duties, and other restrictions on trade among countries are removed and a common external tariff is in place.
What is Economic Liberation?The process of opening up markets through reduced regulations of restrictions on competition.
What 3 type of barriers are there when we talk about the Removal of Barriers?Physical, techinical and fiscal barriers.
What are Physical Barriers? Give an example and effect.The internal customs and border check which resulted in that everyone is required to have a passport.
What are Technical Barriers? Give a example and effect.Barriers such as safety, health and environmental regulations.
What are Fiscal Barriers? Give a example and effect.The different fiscal rules and policies between countries such as Indirect taxation causing distortion of competition.
What is Mutual Recognition?The principle is that while member states of the EU are free to develop and impose standards, they cannot bar products or services provided legally in other member states.
What are 3 Obstacles to the Single Market?Restrictive measures, state-aid and monopolies.
What are the Core Principles of the Single Market?Demand and supply, freedom of movement and the market principle.