Neco 2022 Economics Question 5

Practice objective / multiple choice question 5 from the 2022 Neco Economics examination.

Neco 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 5 NECO • 2022 • ECONOMICS • objective

In an economy the labour force is 10 million. The number of employed persons is 8.5 million and the number of unemployed persons is 1.5 million. Of the unemployed, 0.6 million are frictionally unemployed and 0.4 million are structurally unemployed.\n\nCalculate (a) the overall unemployment rate, (b) the frictional unemployment rate, (c) the structural unemployment rate, and (d) the cyclical unemployment rate.

Answer Options

A. (a) 12%; (b) 8%; (c) 2%; (d) 2%
Correct Answer B. (a) 15%; (b) 6%; (c) 4%; (d) 5%
C. (a) 16%; (b) 7%; (c) 5%; (d) 4%
D. (a) 14%; (b) 5%; (c) 3%; (d) 6%
Correct Answer
B
Correct Option:
(a) 15%; (b) 6%; (c) 4%; (d) 5%

About This Question

This is Neco 2022 Economics Question 5. It is one of the objective questions from the 2022 Neco Economics examination.

Difficulty level: Medium .

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