In a free trade area there is....
No internal trade barriers
A common external tariff
Factor and asset mobility
Common currency
Common economic policy
In a single market there is...
What is present in a single market but not a customs union?
Factor asset mobility
Common external tariff
Poorer countries that are members of the EU, such as Romania and Bulgaria, pay less into the EU budget compared to countries with a higher level of GDP (e.g. France and Germany)
The ASEAN (Association of South-East Asian Nations) is an example of an example of a single market
Which of these is NOT one of the four key-freedoms of the EU?
Free trade in goods
Mobility of labour
Free movement of capital
Free trade in services
Identical product standards
Which one of these are NOT a convergence criteria to join the euro
Relatively similar inflation rates (+/- 1.5 than current members)
Relative stable exchange rate
Sound government finances (not more than 60% of GDP, 3% of annual GDP)
Interest rate convergence (not more than 2% higher than members)
Trend growth of GDP (no more than a 5% difference in GDP)
