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Q2. Evaluate how can measure international competitiveness.
The concept of international competitiveness is often used to analyze the macroeconomic performance of the countries. It contrasts a variety of popular economic characteristics for a country and its trading partners and can help clarify patterns in foreign trade. First of all, this concept includes qualitative factors or factors that do not readily lend themselves to quantification
There is no particular competitive ssessment tool and thus it can be calculated in a variety of ways, including:
Relative export prices, which are the export prices of one country in comparison to other nations, expressed as an average.
A country's terms of exchange, which is an measure of the amount of export and import prices in one country.
Labour productivity, which is generally expressed as GDP per worker, or GDP per hour in employment.
Unit labor costs, which are labor costs per unit of output.
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