"The problem with democracy," your friend tells you as you debate politics, "is the time it takes to get approval for every action the government takes. If the president didn't have to spend so much time arguing back and forth with Congress, policy wouldn't take so long to affect the economy." This would:
? shorten the implementation lag, but would not change the information lag or the formulation lag.
? shorten the formulation lag, but would not change the information lag or the implementation lag.
? shorten the information lag, but would not change the formulation lag or the implementation lag.
? lengthen the formulation lag, but would not change the information lag or the implementation lag.