A sale in which property or a service is sold to the highest bidder is called a(n)

In 1990, Britain joined the ERM. If the German Bundesbank increased interest rates, assuming Britain maintains its exchange rate peg, the likely impact on the British economy would be a(n):

A) recession. B) inflationary economy. C) stronger pound. D) decrease in taxes.

An increase in equilibrium price and a decrease in equilibrium quantity could be caused by a(n)

a. increase in resource prices b. increase in demand c. increase in supply d. favorable shift in tastes and preferences e. improvement in production technology