Chapter 21. Chapter 21

Data Exercises
Chapter 21
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true

How many countries are in the European Union? Are all of them in the Eurozone? We will explore these and other questions about the European Union using data provided by the European Commission. Go to Official website of the European Union to access the full dataset.

To access the data:

1. Go to Official website of the European Union.

2. Select “About the EU.”

3. Select “Countries.”


Go to Official website of the European Union and gather data to answer the following questions.

Question 21.1

There is a total of 28 countries in the European Union.
The European Union includes both countries that have adopted the Euro and those who have not.
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Question 21.2

Turkey, Albania, Montenegro, Serbia, and the former Yugoslav Republic of Macedonia are all listed as candidate countries.
A candidate country is one that is in the process of integrating European Union legislation into its national law.
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Question 21.3

Austria, Belgium, Czech Republic, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lichtenstein, Lithuania, Luxembourg, Malta, the Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and Switzerland are all part of the area.
Countries that are part of the Schengen border-free area need not use the euro or be part of the European Union. It is an area without internal borders within which citizens can circulate without being subjected to border checks.
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Question 21.4

Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain use the euro.
Countries that use the Euro no longer have a separate national currency.
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Question 21.5

Denmark is part of the European Union but still uses the Danish krone for currency.
A country that does not use the Euro will use its own national currency.
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Data Exercises
Chapter 21
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true

The structure of the European Union is such that it encourages the movement of resources across borders, raises the country income of members, and so on. Are these results supported by the data? We will explore this question using data provided by the European Commission. Go to Official website of the European Union to access the full dataset.

To access the data:

1. Go to Official website of the European Union .

2. Under “Economic trends and forecasts,” select “Economic indicators by country.”

3. Select an indicator from the bottom of the screen. Next, choose a country from the drop-down menu. Once a country is selected, select each indicator at the bottom of the screen to obtain that information for the chosen country.

4. Repeat step 3 for each country requested by choosing the correct country from the drop-down menu.


Go to Official website of the European Union and gather data to answer the following three questions. All values should be for December 2016 unless otherwise indicated.

Question

a. Complete the table:

Unemployment (%) Inflation (% change) Government Deficit/Surplus (%GDP) (2015) Government Gross Debt (%GDP) (2015) GDP per Person (euros) (2015)
Germany ROw2pmqh8/ZwPMDSUDLqdV6f5M1cGEzkEAzlhMebnxBTqy42w516Lw== i2JA1IKP4L2ZR4QyegDQzkKpSHT+ViqlqsHkZczySyTG8LmT/vwQBw== W3CQJ5VyxoDqXP6kpb1xSGrjzG5+AXY2V810uG3qw03G3IiD7Sb4Cg== aVDbmjMZi7jgrBTMwoa2HjovG2Frh+zaeccyoUt5GWY= DsUxNIfSo6zVBr0m+scc8ysiBLYrtl1ABdCWvu81YERX5qZitKUV7kfiiDQ=
France lwFUCkKrV3vEFOvHWrCNafx14qgTJTxfg7EE7Iu5zfF+gIgXTcafXQ== oNbNcOgBEuMX9m97RWFG32KbnymBbUtNpLXnuTzC82XpxeC8N13yHA== Hqbf7KujbZeXAd3Q6aYM0OoBvgo7yhkUTXObv6qc5IAQXFCWvsMXSQ== gajS0ZpgdPpa5hhR4ORzDhplG1JbqHm50fvyT/svej9LjMr+Wk+s6g== PGdVXwNlnt3Cb0Mn93CXsUK21Z1dUpmcj/LzJBaZR2o004fXqvAQawleJzw=
Portugal U1DwfrAu8H02d0QHfOHmc9NxBWQHCuiv6XRFNfE5+3ZyxaFVuFJy9w== 30dP14rKMOJskysrt2YTtgQprQWsSqyt13NMIyqfkd36HMPTdSmO9A== mBaKtHqh3ukG85X3Dupt01aFdOE5mU0XG4HVWCLcoM3OzOMSNPpECQ== LLcL1GvyhtHkmQJC1xpXloHVEfr0Z9COamsplmpt3yvQzhh+lkynCA== 9mm/Yyc3Q7zcuRDDTQnb43iml84EupAI260MQeBwzGYLLG/PgB2r6NaR9xo=
Greece fL7kNPzA2oLmesM5V0QruNCzPf8GfZAH29qX9eTejEH6gmEVw9XB/w== 2ak7gFgOGM3Wsvi9gpLd2KGC+FQ2p9V4v+T2lk/7ZzdncZ4SRTYAEA== ydePxZ29t+PRXenYzBmRCCsCgyKmXCet+unOk+SzcqZHertNiigeHQ== rTwU+hd4boLmv9tm9Xq2ihpQrWk1+7ZRikom8qjXrQzwg1dyzUMWdQ== sj0j2sWZFLW7DqQ1CgzeT93urkNznNj15KDcPCPtDu4NSJQkky/kLBNVSk8=
Enter data into the table as provided by the European Union site.

Question 21.6

France, Greece, and Portugal all have deficits in excess of 3% of GDP.
The Maastricht Treaty laid out a 3% deficit/GDP.
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Question 21.7

The wider disparity among European Union countries compared to the United States points to a weaker labor market adjustment mechanism.
Consider the range of unemployment rates in the United States versus the selected countries.
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Question 21.8

Members surrender monetary policy to the European Central Bank, and their ability to use fiscal policy to combat unemployment will be hampered by their existing deficits.
Consider the offsetting goals of monetary policy.
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