Neco Model Questions Vol1 2017 Economics Question 16
Practice objective / multiple choice question 16 from the 2017 Neco Model Questions Vol1 Economics examination.
In an economy the labour force is \(20\) million. The observed unemployment rate is \(12\%\). It is known that frictional unemployment accounts for \(4\%\) of the labour force and structural unemployment accounts for \(3\%\) of the labour force. The remaining unemployment is cyclical. The government implements a training programme that is expected to reduce structural unemployment by one‑third and frictional unemployment by \(25\%\). Assuming the labour force remains unchanged, what will be the new overall unemployment rate (to two decimal places) after the programme takes effect?
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About This Question
This is Neco Model Questions Vol1 2017 Economics Question 16. It is one of the objective questions from the 2017 Neco Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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