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Question 6 [14 points). Suppose that you are the chief economic adviser in a small open economy with a oating-exchangerate system. Your boss, the president of the country, wishes to increase the level of output in tlte short runin order to win reelection. a. [8 points). Do you recommend using expansionary or contractionary monetary or scal poiicy'? Use the MundellFleming model to illustrate graphically and explain your proposed policy. Be sure to label: i. the axes; ii. the curves; iii. the initial equilibrium levels; iv. the direction the curves shi; and v. the new short run equilibrium. b. (6 points) If the policy you recommended above was used in a small open economy with xed exchange rate, what are the outcomes? Use the Mundell Fleming model to illustrate graphically your answers