Unit 7 Short Questions

 

Unit 7 Short Questions
Year	Question	Topic
2013	9	Directives and regulations
2012	9	Trading Bloc
2011	5	Visible and invisible trade
2010	4	Institutions
2009	10	Institutions
2008
2007	3	Directives
	6	Trading Bloc
2006	10	Visible and invisible trade
2005
2004	8	Institutions
2003
2002	7	letters
2001	7	SEM

 

2013 Q9

EU Directive

• A Law that all EU members must implement

When a directive is passed by the council of ministers then all EU countries must accept it and obey the principles of the directive

• Must be achieved by a given date

All countries are given a date that they must implement and change their countries law to include the new Directive by.

EU Regulation

• A Law that all EU members must obey

When a regulation is passed by the council of ministers it becomes directly applicable

• Most direct type of law

It comes into force immediately and must be obeyed by all as soon as it is passed

2012 Q9

·         A group of countries who agree to form a free trade area

They remove trade barriers for goods and services traded among themselves.

·         Trading Barriers illuminated would include

Tariffs, quotas, embargos, and subsidies do not exist in a trading bloc.

Examples:

• The European Union (EU)

• The North American Free Trade Agreement (NAFTA).

2011 Q5

a.

Invisible: services

Imports: money leaves the country, services purchased by Irish customers/residents.

e.g. financial services provided by foreign firms/ Irish residents holidaying abroad.

 

(b)

 

Balance of Trade = Visible Exports - Visible Imports

= €50bn - €30bn

= €20bn surplus

 

Balance of Invisible Trade = Invisible exports – Invisible Imports

= €35bn - €40bn

= (€5bn) deficit

 

Balance of Payments = Balance of Trade + Balance of Invisible Trade

= €20bn + (€5bn)

= €15bn surplus

2010 Q4

1             2             3             4             5

F             A             D             C             B

2009 Q10

a. The most important decision making body in the EU. Made up of relevant ministers from each EU country (changes according to topic). Each minister represents interests of their own country

• Final Say in EU laws and budget

The council pass EU laws. Once the Parliament agree (co-decision) then the council will discuss the law and vote to pass or reject. This is the final decision on the law. They also have the power to reject the EU budget

• Conclude international agreements

The council officially signs agreements on behalf of the EU. These agreements often cover areas such as fisheries, science, technology and transport.

• To co-ordinate member states working together

They allow member states work together in the areas of foreign policy, security and defence

b.

1. European Parliament

2. European Commission

2007Q3

EU Directive

• A Law that all EU members must implement

When a directive is passed by the council of ministers then all EU countries must accept it and obey the principles of the directive

• Must be achieved by a given date

All countries are given a date that they must implement and change their countries law to include the new Directive by.

Example

The WEEE (Waste Electrical and Electronic Equipment) Directive states that Irish retailers must allow customers to leave back their old WEEE for free when they buy new equipment from the shop.

2007 Q6

·         A group of countries who agree to form a free trade area

They remove trade barriers for goods and services traded among themselves.

·         Trading Barriers illuminated would include

Tariffs, quotas, embargos, and subsidies do not exist in a trading bloc.

Examples:

1.       The European Union (EU)

2.       The North American Free Trade Agreement (NAFTA).

2006 Q10

 (a)

Invisible:  relates to the sale of services by a country

Exports: Money comes into the country

 

Example of Invisible Export for Ireland would a foreign person holidaying in Ireland

 

(b)

(i) Balance of Trade:

Visible Exports – Visible Imports= 8-7 = €1 billion

Note:

VE: 19-11= 8

VI: 16-9= 7

(ii) Balance of Payments:

Total Exports – Total Imports = 19-16 = €3 billion

2004Q8

1. The European Parliament - Elected by the citizens of the EU to represents their interests in decision making. There are over 700 members in Parliament, known as MEPs. Each member represents interests of the EU

2. The Council of Ministers - The most important decision making body in the EU. Made up of relevant ministers from each EU country (changes according to topic). Each minister represents interests of their own country

3. The European Commission - Made up of commissioners who are given different responsibilities. Each commissioner represents interests of the EU

4. The Court of Justice - They apply laws to all EU countries. Each judge represents interests of the EU

2002 Q7

CAP: Common Agricultural Policy

PLC: Public Limited Company

EU : European Union

ROI : Return 0n Investment

PRO: Public Relations Officer.