Question 3 Queen Elsa has decided to heed your advice and has enacted an appropriate economic policy based on the information you have given her in the previous question. However, you have a few additional concerns regarding how fast the policy will impact the economy. a) Why might implementing the economic policy be a challenge in terms of timing? Briefly describe each of the issues and how long each of them can potentially last. b) Suppose the empire decides to implement the fiscal policy now. What is the other major problem that the empire potentially faces? Assume that the Queen is only taking her own self-interests into mind and not necessarily that of the economy. c) What phenomenon does this describe? Provide an example that you may have faced in your own life of this occurrence