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. Question 4 Because of the economic policies the kingdom has implemented, the government now faces a plethora of issues with its budget. In the current year, Arendelle's government spent $456.6 billion while taking in $237.9 billion in tax revenues. a) Did the government run a deficit, surplus, or debt? Calculate the amount. Suppose in the previous year, Arendelle's government spent $327.4 billion while taking in $375.1 billion in tax revenues. b) Did the government run a deficit, surplus, or debt? Calculate the amount. Now the kingdom wants to assess its overall economic health using these numbers. c) Assuming these are the only two years we have information on, does kingdom have a deficit, surplus, or debt starting at the beginning of next year? Calculate the amount. Question 5 Finally, the Queen is interested in your thoughts and opinions regarding a few budget and debt issues. Please provide a paragraph (at least five sentences) for each of the following questions. a) In your own opinion, do you believe that governments should balance their budget? Why or why not? b) Do you personally believe that the size of the a country's national debt poses a signicant problem? Why or why not