Question 6 (14 points}. Suppose that you are the chief economic adviser in a small open economy with a oating-exchange-rate system. Your boss, the president of the country, wishes to increase the level of output in the short run-in order to win re-election. a. (8 points). Do you recommend using expansionary or contractionary monetary or scal policy? 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 shift; 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