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If real income rises 5 percent, price rises by 2 percent, nominal money demand rises by 3 percent, what is the income elasticity of real money demand? A

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If real income rises 5 percent, price rises by 2 percent, nominal money demand rises by 3 percent, what is the income elasticity of real money demand?

A. less than 0.3

B. between 0.3 and 0.5

C. between 0.5 and 0.7

D. greater than 0.7