US and Chinese Economy: Competitiveness

(1) What do we mean by competitiveness?
(2) Who is the most competitive country in the world? Why? What country is surprising uncompetitive? (Think of a relatively rich country and then explain)
(3) How competitive is the US and China?
(4) What is austerity? Which countries practiced it recently? Was it a good idea?
(5) What determines the Current Account? What is the US and Chinese CA? Is this a sign of weakness or strength?
(6) Why has the US experienced 303 310313 for more than a decade? Which hypothesis (from the previous lecture) do you think is correct? Any ideas how to tix growth?