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This reading activity/simulation can be done numerous ways. The main item that the students read is the Ultimatum that Austria-Hungary sent Serbia in July (July Crisis) prior to the outbreak of World War I. You can have your students read just the 10 points and answer the 4 questions, or have them read the whole ultimatum and answer all 6 questions (there are numerous ways to answer it, so there is no answer key, but the answers are easy after you read the document once).
The final option is to have them read the entire document and answer the 6 questions and then have them split up into different country groups and try to achieve what is on their card that you give them. Everyone is basically seeking peace or at most small war between Austria-Hungary and Serbia. However, the class is destined to fail at finding peace. I have done the reading and simulation in 1 class period (57 minutes) with 11th and 12th graders. Prepping a day ahead of time helps speed things up if you want to do the simulation. It is really short.