Neco 2022 Economics Question 49
Practice objective / multiple choice question 49 from the 2022 Neco Economics examination.
In a country the labour force is 12 million. The natural rate of unemployment is \(6\%\). During a recession the actual unemployment rate rises to \(12\%\). A job‑creation programme reduces the cyclical component of unemployment by \(30\%\) each year. Assuming the labour force stays unchanged, how many whole years will be required for the overall unemployment rate to fall back to the natural rate? Give your answer as an integer number of years.
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About This Question
This is Neco 2022 Economics Question 49. It is one of the objective questions from the 2022 Neco Economics examination.
Difficulty level: Medium .
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