Describe and explain how the study and application of macroeconomics influences the well-being of a nation and the role and responsibility of the federal government in smoothing out the business cycle, i.e., reducing inflation and unemployment during the peaks and troughs.

Describe and explain how the study and application of macroeconomics influences the well-being of a nation and the role and responsibility of the federal government in smoothing out the business cycle, i.e., reducing inflation and unemployment during the peaks and troughs. Explain and evaluate the current macroeconomic conditions in terms of whether government is doing too much or not enough. Explain your interpretation of alternative policies, including your social and personal responsibility and displaying some degree of critical thinking, empirical and quantitative competency.