Neco 2024 Economics Question 36
Practice objective / multiple choice question 36 from the 2024 Neco Economics examination.
If the labour force is \(5{,}000{,}000\) and the current unemployment rate is \(12\%\), the government introduces a training programme that reduces structural unemployment by \(1.5\) percentage points and frictional unemployment by \(0.5\) percentage points, but cyclical unemployment rises by \(0.2\) percentage points. Given that cyclical unemployment currently accounts for \(2\%\) of the labour force and that structural unemployment is twice the frictional unemployment, what is the new overall unemployment rate (in \% )?
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About This Question
This is Neco 2024 Economics Question 36. It is one of the objective questions from the 2024 Neco Economics examination.
Difficulty level: Medium .
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