Consider the small open-economy Mundell-Fleming model under floating exchange rate. How will: equilibrium income, nominal exchange rate, consumption, net exports, & money supply change when: Import quotas (quantitative restrictions on imports) are removed? There's an increase in taxes? There's a decrease in money supply? The government implements an investment subsidy? For some reason the country's clothing exports have become more popular than before? For each case, ILLUSTRATE & DESCRIBE BOTH the floating exchange rate regime & a fixed exchange rate regime. A. For each case, write "increase", "decrease", or "no change" for each variable. B. For each case, draw a graph (for BOTH the floating exchange rate regime & a fixed exchange rate regime) that shows the change in equilibrium income and nominal exchange rate. C. For each case, explain succinctly the mechanisms behind the variables' movements.