The CEO of Singapore state-owned fund Temasek argued that the Singapore economy could be at full employment when strong economic growth in China increases the exports in Asia. 1. Explain how the price level in Singapore and real GDP change in the short run. Explain whether its Reserve bank faces a tradeoff in the short run. (2.5 marks) 2. Explain how the price level in Singapore and real GDP change in the long run if its Reserve Bank takes monetary policy actions that are consistent with its objectives as set out in their Monetary Authority of Singapore Act 1970