Lesson 69

Question 1

Customs union

Answer 1

Internal free trade amongst members with common external tariffs on goods from outside the union

Question 2

Tariffs

Answer 2

Raises the prices on imported goods over domestic ones through e.g. taxes and duties

Question 3

Pooled sovereignty

Answer 3

the combination of sovereignty pooled together for more collective power e.g. the EU

Question 4

Political union

Answer 4

the establishment of common citizenship rights within the EU

and the strengthening of EU institutions

to ensure common policies in designated areas

Question 5

Monetary union

Answer 5

the establishment of a single European currency

the Euro

regulated by the European Central Bank