Gce Model Questions Vol1 2018 Economics Question 10

Practice essay / theory question 10 from the 2018 Gce Model Questions Vol1 Economics examination. This question covers Unemployment .

Gce Model Questions Vol1 2018 Economics Essay / Theory

Topic: Unemployment

Question 10 GCE_MODEL_QUESTIONS_VOL1 • 2018 • ECONOMICS • essay

The table below gives labour‑market statistics for a country over three years. Year | Labour Force (million) | Employed (million) | Unemployed (million) 2018 | 12.0 | 10.2 | 1.8 2019 | 12.5 | 10.6 | 1.9 2020 | 12.3 | 9.8 | 2.5 Youth (aged 15‑24) labour‑force figures are 3.0 million each year, with youth unemployment numbers of 0.6 million (2018), 0.7 million (2019) and 0.9 million (2020).

Question Parts

( a )

Compute the overall unemployment rate for each year and comment on the observed trend.

( b )

Calculate the youth unemployment rate for each year and compare it with the overall rate for the same year.

( c )

Using Okun’s law (Δ% GDP ≈ –2 × Δ% unemployment), estimate the change in real GDP growth between 2019 and 2020 based on the change in the overall unemployment rate.

( d )

Discuss two structural causes of unemployment in Nigeria and suggest one specific policy measure that could address each cause.

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About This Question

This is Gce Model Questions Vol1 2018 Economics Question 10. It is one of the essay questions from the 2018 Gce Model Questions Vol1 Economics examination.

The question covers Unemployment .

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