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FSOT: 500 Test Prep Study Questions

Category - Economics

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The European Union (EU) promotes free trade among its member states. Over the years, EU membership has grown to 25 countries with more European countries seeking membership. Which of the following statements would be most appropriate for a U.S. official to make at a trade summit organized between the U.S and the EU in 2006?
  1. "The U.S. and the EU share a longstanding commitment to free and open markets, and the U.S. is looking forward to continuing to work with the EU in further promoting free trade and economic integration across the Atlantic region."
  2. "Both the U.S. and the EU have supported free trade expansions in the past and it is important that a larger EU not jeopardize free trade talks under the World Trade Organization."
  3. "The EU must recognize that the U.S. has many vital economic interests in Europe and that the U.S. will always act to protect those interests."
  4. "The U.S. believes that an expanding EU poses an economic danger to non-EU countries and the U.S. therefore wishes to see no further expansion of the common market within the EU."
Explanation
Answer: A - "The U.S. and the EU share a longstanding commitment to free and open markets, and the U.S. is looking forward to continuing to work with the EU in further promoting free trade and economic integration across the Atlantic region."
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