Chapter 21, Trade and commerce

Question 1

percentage of British overseas investment in the Empire in 1956

Answer 1

58%

Question 2

Reasons why Europe recovered quickly

Answer 2

financial support from the US (Marshall Aid)
Liberal democracy favouring private enterprise
advances in science and technology

Question 3

When was the EEC established?

Answer 3

1957

Question 4

What was the name of the rival trading block Britain set up?

Answer 4

EFTA-European Free Trade Association

Question 5

When did exports to Europe outstrip exports to the Empire?

Answer 5

Start of 1960.

Question 6

When did Britain apply for membership in the EEC

Answer 6

1963 and again in 1967

Question 7

When and what destroyed the sterling area?

Answer 7

Sterling devaluation of 1967

Question 8

When did Britain join the EEC?

Answer 8

1973

Question 9

How did the British earn dollars and build up foreign exchange reserves?

Answer 9

rationing at home, prioritising British industrial production for the export market, develop colonies

Question 10

When was the Colonial Development Corporation set up

Answer 10

In 1948 to coordinate major projects and develop self-sustaining agriculture, industry and trade

Question 11

When was the Colonial Development Cooperation renamed

Answer 11

1963, Commonwealth Development Cooperation

Question 12

Hard Currency Pool

Answer 12

A collective pool of dollars earned by the Sterling area