Assume that Belgium and Oman are trading partners. Belgium's economy is currently in a recession. A. Belgium now begins to recover from its recession. Using a correctly labeled graph of aggregate demand and aggregate supply for Oman, show the impact of Belgium's rising income on each of the following in the short run: i. Aggregate demand in Oman. Explain. ii. Output in Oman B. Using a correctly labeled graph of the money market for Oman, show the effect of the output change in Part Aii on the following: i. Demand for money. Explain. ii. Nominal interest rate o the price!

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4B) The total quantity of money demanded in an economy is hence the total amount of money demanded in that economy by all individuals and business units. At any point in time, the supply of money in an economy refers to the amount of money held by individuals and corporations for transactions and debt settlement.