VESTION 5 1. As the European economy recovers from the COVID-19 pandemic this year, both the aggregate real income and the price level in the country are rising. If the interest rate and the propensity to hold money remain unchanged, the demand for money in Europe will rise. ` will decline. O ' will remain unchanged. d may rise or decline depending on the rate of interest prevailing in the . economy. we will decline if the rise in the price level is less than the increase in the . aggregate real income