Brexit: The UK's Withdrawal from the EU - Economics Current Affairs Quiz

Question 1

Which sector of the UK economy has been particularly vulnerable to the economic impacts of Brexit?

Accepted Answer

Tourism and hospitality

Answer

Manufacturing

Answer

Financial services

Answer

Agriculture

Question 2

How has the value of the British pound been primarily affected by Brexit?

Accepted Answer

It has experienced significant volatility

Answer

It has remained stable

Answer

It has appreciated

Answer

It has depreciated

Question 3

Which of the following is NOT a potential economic impact of Brexit?

Accepted Answer

Increased trade with the EU

Answer

Reduced investment in the UK

Answer

Currency devaluation

Answer

Labor shortages

Question 4

What is the name of the international agreement that governs the terms of the UK's withdrawal from the EU?

Accepted Answer

TCA

Answer

WTO

Answer

EEA

Answer

EFTA

Question 5

Which government department is responsible for negotiating trade agreements with other countries?

Accepted Answer

Department for International Trade

Answer

Foreign Office

Answer

Home Office

Answer

Treasury

Question 6

Which of the following is NOT a potential economic impact of Brexit on the UK economy?

Accepted Answer

Increased access to skilled labor

Answer

Reduced trade with the EU

Answer

Increased investment in the UK

Answer

Fluctuations in the value of the pound sterling

Question 7

What is the official term used to describe the UK's withdrawal agreement from the EU?

Accepted Answer

Article 50

Answer

Hard Brexit

Answer

No-deal Brexit

Answer

Soft Brexit

Question 8

Which UK government agency has been responsible for overseeing the Brexit negotiations?

Accepted Answer

Department for Exiting the European Union

Answer

Foreign, Commonwealth & Development Office

Answer

HM Treasury

Answer

Department for International Trade

Question 9

How has Brexit affected the UK's trade with the EU?

Accepted Answer

Trade has decreased markedly

Answer

Trade has increased substantially

Answer

Trade has remained relatively unchanged

Answer

Trade has ceased completely

Question 10

What is the potential long-term impact of Brexit on the UK economy?

Accepted Answer

Unpredictable and uncertain

Answer

Unquestionably positive

Answer

Unquestionably negative

Answer

No significant impact

Question 11

What is the name of the legal agreement governing the UK's withdrawal from the EU?

Accepted Answer

EU-UK Withdrawal Agreement

Answer

Treaty of Lisbon

Answer

European Union (Withdrawal) Act

Answer

Treaty of Maastricht

Question 12

On what date did the UK officially leave the European Union?

Accepted Answer

January 31, 2020

Answer

March 29, 2017

Answer

June 23, 2016

Answer

October 31, 2019

Question 13

What is the term used to describe the UK's withdrawal from the EU's single market and customs union?

Accepted Answer

Hard Brexit

Answer

Soft Brexit

Answer

No-deal Brexit

Answer

Transitional Brexit

Question 14

What is the name of the agreement negotiated between the UK and EU to govern their relationship after Brexit?

Accepted Answer

Trade and Cooperation Agreement

Answer

Withdrawal Agreement

Answer

Political Declaration

Answer

Transitional Agreement

Question 15

How has Brexit impacted the UK's trade with the EU?

Accepted Answer

The impact has varied across different sectors

Answer

Increased exports and decreased imports

Answer

Decreased exports and increased imports

Answer

No significant change

Question 16

How has Brexit affected the UK's relationship with the EU?

Accepted Answer

Increased tension and disagreement

Answer

Improved cooperation and collaboration

Answer

No significant change

Answer

The relationship has been put on hold

Question 17

Which of the following has been a significant impact of Brexit on the UK's financial sector?

Accepted Answer

Increased uncertainty

Answer

Increased trade

Answer

Increased investment

Answer

No significant impact

Question 18

After Brexit, which action would likely worsen the UK's economic situation?

Accepted Answer

The Bank of England raising interest rates

Answer

Investing in new roads and railways

Answer

Lowering taxes for businesses

Answer

Trading more with countries outside the EU

Question 19

To ensure a secure and stable energy supply after Brexit, which two actions should the UK government prioritize?

Accepted Answer

Boosting domestic energy production

Accepted Answer

Exploring diverse energy sources

Answer

Reducing energy consumption

Question 20

In what way has the value of the British pound been impacted by Brexit?

Accepted Answer

Fluctuated significantly

Answer

Increased in value

Answer

Decreased in value

Answer

Remained stable

Question 21

Which of these is NOT a potential challenge posed by Brexit?

Accepted Answer

Increased economic growth

Answer

Increased border delays

Answer

Reduced access to financial services

Answer

Greater regulatory burden

Question 22

What is the name of the UK's governing body responsible for negotiating Brexit?

Accepted Answer

Department for Exiting the EU

Answer

Brexit Committee

Answer

EU Exit Department

Answer

Office for Brexit

Question 23

What term is used to describe the UK's departure from the EU?

Accepted Answer

Withdrawal

Answer

Secession

Answer

Separation

Answer

Divorce

Question 24

Which of the following factors was NOT cited as a major reason for the UK's vote to leave the European Union?

Accepted Answer

A push for increased environmental regulations at the EU level

Answer

Concerns about the level of immigration

Answer

A desire for greater economic independence

Answer

Sovereignty concerns over EU decision-making

Question 25

What is the term used to describe the period of time after the UK formally left the EU, during which it negotiated its future relationship with the bloc?

Accepted Answer

Transition Period

Answer

Withdrawal Period

Answer

Implementation Period

Answer

Extension Period

Question 26

What is the official name of the agreement reached between the UK and the EU in 2020 that governs their post-Brexit relationship?

Accepted Answer

Brexit Deal

Answer

Withdrawal Agreement

Answer

Free Trade Agreement

Answer

Transitional Agreement

Question 27

What is the name of the UK government department that was responsible for managing the UK's exit from the EU?

Accepted Answer

Department for Exiting the European Union

Answer

Foreign and Commonwealth Office

Answer

Department for Business, Energy & Industrial Strategy

Answer

Treasury

Question 28

Which of the following was NOT a primary reason for the UK's decision to leave the European Union?

Accepted Answer

A desire for increased trade with other nations

Answer

Concerns about immigration levels

Answer

Disagreements over EU regulations and laws

Answer

A belief that the UK economy would be better off outside the EU

Question 29

What is the commonly used term to describe the potential economic consequences of Brexit for the UK?

Accepted Answer

The Brexit Penalty

Answer

The Brexit Benefit

Answer

The Brexit Surge

Answer

The Brexit Loss

Question 30

What is the official name of the agreement that regulates the UK's trade relationship with the EU post-Brexit?

Accepted Answer

The Trade and Cooperation Agreement

Answer

The Withdrawal Agreement

Answer

The Single Market Agreement

Answer

The Customs Union Agreement

Question 31

Which of the following is not a potential impact of Brexit on the UK labour market?

Accepted Answer

Increased Immigration

Answer

Increased unemployment

Answer

Lower wages

Answer

Skills shortages

Question 32

What is the name of the UK government department that was responsible for negotiating the UK's withdrawal from the EU?

Accepted Answer

Department for Exiting the European Union

Answer

Foreign and Commonwealth Office

Answer

HM Treasury

Answer

Cabinet Office

Question 33

What is the primary role of the Joint Committee established under the UK's withdrawal agreement with the EU?

Accepted Answer

Oversee the implementation of the Withdrawal Agreement

Answer

Negotiate a trade deal between the UK and EU

Answer

Resolve legal disputes between the UK and EU

Answer

Determine the UK's future economic relationship with the EU

Question 34

What is a potential long-term effect of Brexit on the UK's trade with countries outside the EU?

Accepted Answer

Increased trade with Commonwealth nations

Answer

Reduced trade with the US

Answer

Fewer exports to Asia

Answer

More imports from China

Question 35

What was the immediate economic impact of the Brexit vote?

Accepted Answer

A sharp fall in the value of the pound sterling

Answer

A sudden increase in economic growth

Answer

No noticeable economic impact

Answer

A significant rise in unemployment

Question 36

What is the primary purpose of the Northern Ireland Protocol?

Accepted Answer

To avoid a hard border between Northern Ireland and the Republic of Ireland

Answer

To allow the UK to continue to participate in the EU's single market

Answer

To establish the UK's new trading relationship with the EU

Question 37

Which of the following is a potential challenge the UK may face after Brexit?

Accepted Answer

A shortage of skilled workers

Answer

An increase in the value of the pound sterling

Answer

A reduction in the cost of living

Answer

A surplus of skilled workers

Question 38

What was the main purpose of the transition period after the UK left the EU?

Accepted Answer

To give businesses and individuals time to adjust to the new arrangements

Answer

To allow the UK to negotiate a new trade deal with the EU

Answer

To provide financial support to businesses affected by Brexit

Question 39

Which of the following is NOT a likely economic consequence of Brexit for the UK?

Accepted Answer

Increased trade with the EU.

Answer

Increased costs for businesses trading with the EU.

Answer

Reduced access to EU markets.

Answer

Potential disruptions to supply chains.

Question 40

What is the primary economic model adopted by the UK in its relationship with the EU after Brexit?

Accepted Answer

Trade and Cooperation Agreement (TCA)

Answer

Political Union

Answer

Customs Union

Answer

Single Market

Question 41

Which of these sectors is most likely to face significant challenges due to Brexit because of its reliance on EU workers?

Accepted Answer

Agriculture

Answer

Tourism

Answer

Technology

Answer

Finance

Question 42

Which international trade agreement did the UK and EU sign after Brexit to regulate trade between them?

Accepted Answer

Trade and Cooperation Agreement (TCA)

Answer

Trans-Pacific Partnership (TPP)

Answer

North American Free Trade Agreement (NAFTA)

Answer

General Agreement on Tariffs and Trade (GATT)

Question 43

The UK government launched the 'Red Tape Challenge' after Brexit to:

Accepted Answer

Simplify regulations for businesses and reduce bureaucratic burdens.

Answer

Increase tariffs on imported goods from the EU.

Answer

Promote investment in renewable energy sources.

Answer

Strengthen environmental protection measures.

Question 44

How is Brexit likely to affect the UK's financial services sector?

Accepted Answer

Some financial institutions may lose access to EU markets.

Answer

EU firms are expected to invest more heavily in the UK financial services sector.

Answer

The cost of financial services in the UK is likely to decrease significantly.

Question 45

What is a major challenge for the UK in negotiating new trade deals after leaving the EU?

Accepted Answer

The UK's smaller size and reduced negotiating power compared to the EU.

Answer

The UK's close economic ties with the US.

Answer

The UK's strong political stability.

Question 46

What was the purpose of the 'Irish Backstop' in the context of Brexit?

Accepted Answer

It was a proposed plan to avoid a hard border between Northern Ireland and the Republic of Ireland.

Answer

It was a financial agreement to compensate the EU for the UK's departure.

Question 47

What was a primary economic argument used by proponents of Brexit?

Accepted Answer

The ability to control trade policies and reduce the influence of EU regulations.

Answer

Reducing the UK's national debt by leaving the EU.

Answer

Increasing immigration from outside the EU.

Question 48

Which of these is a potential economic consequence of Brexit for the UK?

Accepted Answer

Increased trade barriers between the UK and the EU.

Answer

Increased investment in the UK's manufacturing sector.

Answer

A decrease in the UK's national debt.

Question 49

During Brexit, what was the period of adjustment where the UK and EU negotiated new trade agreements known as?

Accepted Answer

Transition Period

Answer

Negotiation Phase

Answer

Implementation Phase

Answer

Withdrawal Period

Question 50

How did Brexit affect the UK's participation in the European Single Market?

Accepted Answer

The UK lost its automatic access to the Single Market.

Answer

The UK's access to the Single Market remained unchanged.

Answer

The UK gained greater access to the Single Market.

Question 51

Which industry faced significant labor shortages as a direct result of Brexit?

Accepted Answer

Agriculture

Answer

Healthcare

Answer

Construction

Answer

Automotive

Question 52

What was the purpose of the 'Irish Backstop' in the Brexit negotiations?

Accepted Answer

To prevent a hard border between Northern Ireland and the Republic of Ireland.

Answer

To ensure the UK's financial obligations to the EU were met.

Answer

To facilitate a smooth transition to a new trade deal.

Question 53

Which economic indicator is primarily used to measure the overall health of the UK economy?

Accepted Answer

Gross Domestic Product (GDP)

Answer

Balance of Payments

Answer

Unemployment Rate

Answer

Inflation Rate

Question 54

How did Brexit impact the value of the British pound?

Accepted Answer

The pound sterling weakened significantly against major currencies.

Answer

The pound sterling strengthened significantly against major currencies.

Answer

The value of the pound sterling remained relatively stable.

Question 55

What is the fundamental difference between a 'hard' Brexit and a 'soft' Brexit?

Accepted Answer

A 'hard' Brexit involves a more significant break from the EU, while a 'soft' Brexit maintains closer ties.

Answer

A 'hard' Brexit implies remaining within the EU, while a 'soft' Brexit means leaving the EU.

Answer

A 'hard' Brexit refers to a focus on trade, while a 'soft' Brexit emphasizes immigration.

Question 56

According to most economic experts, what is the anticipated long-term impact of Brexit on the UK economy?

Accepted Answer

Negative

Answer

Positive

Answer

Neutral