Correct Option
The correct option is 1 and 3 only.
Explanation
Macroeconomics deals with the performance, structure, and behavior of the economy as a whole. Its policy goals are distinct from the objectives of individual economic agents and are formulated to ensure the collective welfare of the nation.
Statement-wise Analysis
- Statement 1 is Correct: Macroeconomic policies are formulated by the State or statutory bodies (like the RBI, SEBI, etc.). These bodies pursue the welfare of the country and its people as envisaged in the Constitution of India and as defined by various laws (e.g., the RBI Act for inflation targeting or the FRBM Act for fiscal discipline).
- Statement 2 is Incorrect: Individual economic agents (such as consumers and firms) pursue private goals like maximizing personal utility or profit. Macroeconomic goals are pursued by macroeconomic decision-makers (the State and statutory bodies), not by individuals acting in self-interest.
- Statement 3 is Correct: Macroeconomic goals address issues affecting the entire economy. These explicitly include objectives such as removing unemployment, maintaining price stability, and providing good administration to ensure a stable economic environment.
Key Takeaway
Macroeconomic policy goals focus on aggregate public welfare (e.g., employment, stability) and are mandated by the Constitution and law, whereas microeconomic actions are driven by individual self-interest.