If the nominal money supply grows 10%, the inflation rate is 6%, and the income elasticity of money demand is 1.0, then real income growth equals

Who does not want a tariff?

(a) Consumers of imported goods (b) Domestic businesses producing goods that compete with the imported goods (c) Politicians trying to garner domestic support from the import-competing domestic industries (d) The federal government

What do economists mean when they state that a good is scarce?

a. There is a shortage or insufficient supply of the good at the existing price. b. It is impossible to expand the availability of the good beyond the current amount. c. People will want to buy more of the good regardless of the price of the good. d. The amount of the good that people would like exceeds the supply freely available from nature.