Waec Model Questions Vol1 2017 Economics Question 1
Practice objective / multiple choice question 1 from the 2017 Waec Model Questions Vol1 Economics examination.
According to Okun's law, a 1 percentage‑point decrease in the unemployment rate above the natural rate raises actual real GDP growth by 2 percentage points above the potential growth rate. If a country's potential real GDP growth is 5 % per year and the unemployment rate falls from 8 % to 6 % during the year, what is the actual real GDP growth rate for that year?
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About This Question
This is Waec Model Questions Vol1 2017 Economics Question 1. It is one of the objective questions from the 2017 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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