Answer to Question #242308 in Macroeconomics for varoujan02

Question

Suppose that you have been chosen to be on a blue-ribbon panel of experts to determine how well or poorly the economies of the world are operating. Your task is to come up with a checklist of five criteria by which different economies can be judged. Which five factors would you pick as criteria? Why?

Answer 1

To asses the world economic perfomance we will have to consider the following

1)The level of technology

2)Determine the level of unemployment.

3Availability of natural resources.

4)Availability of natural resources.

5)Capital formation.

Availability of skilled labour will make use the new technology to increase capital formation from resorces thereby creating employment. This will lead to economic growth.