1)What are the most important things to know about macroeconomics?

2)What factors can affect the full employment, in classical macroeconomic models?

3)How can international competitiveness be encouraged with macroeconomic policies?

1)The best answer to most macroeconomic questions is "it depends". In this case, it depends on who you are and what part of the economy concerns you. Macroeconomics provides many different data sets that have stronger meanings to different types of people. The standard macroeconomic indicators are:

• Gross Domestic Product. This measures how large an economy is and its growth rate measures how much it has grown in nominal terms over a period of time.
• Inflation. This is a measure of the price change in an economy over a given period of time.
• Unemployment rate. This is a measure of the proportion of the labor force that is unemployed during a certain period of time, usually monthly.

There are other indicators that you might be interested in depending on your role in the economy, such as housing starts, bond yields, employment changes and wages.

2)According to the classical macroeconomic models, the assumption of full employment is a common economic condition which signifies a specific market condition where the demand for labor is equal to the supply of labor at every level of the current real wage rate.

On the basis of the explanation, we can conclude that in the classical macroeconomic models, the level of full employment is affected by:

1. Demand for labor.

2. Supply of labor.

3. The real wage of workers.

4. Perfect competition.

5. The objective of profit maximization.

6. The price mechanism.

3)

Macroeconomic policies can encourage international competitiveness in the following ways:

• By lowering the tax rates to stimulate investment and enterprise. By keeping tax rates low, companies will be able to sell their products at a competitive price in the international market.
• The government may use monetary policy to reduce the interest rates. Reduced interest rates will attract more individuals to borrow from commercial banks and invest money in different sectors. This will lead to a country's economic growth hence becoming competitive internationally.
• Investing in human capital. The government, through fiscal policy, may increase its spending rate to invest in human capital by offering training and education to the locals. Better skills will lead to more innovation, thus making the country competitive.