1. Discuss the four goalsbehind macroeconomic stability and explain how the attainment of each goal is expected to improve living standards for everyone.In addition,how is an economy's performance under each goal measured,and what should be the ideal target for each of the goals?Why should each individual adopt a critical approach whenever accomplishments for each goal are reported by the government?Discuss why they are either underestimated or overestimated.

Below are the four goals of Macroeconomic Stability:

1. Economic Growth (sustained increases in output)
2. Price Stability (low inflation rate)
3. Reduced Unemployment (lowest possible single-digit unemployment rate)
4. Manageable balance of payments (foreign currency inflows = foreign currency outflows)

2.Explain how achievingthe goal of economic efficiency and equity is going to improve living standards for everyone and discuss the reasons why these goals are better accomplished under a free market as compared to a central planning system where the government directly produces the goods and services in the economy.