Neco Model Questions Vol1 2022 Economics Question 41

Practice objective / multiple choice question 41 from the 2022 Neco Model Questions Vol1 Economics examination.

Neco Model Questions Vol1 2022 Economics Objective / Multiple Choice Medium Difficulty
Question 41 NECO_MODEL_QUESTIONS_VOL1 • 2022 • ECONOMICS • objective

In a country the labour force is \(12\) million and the unemployment rate is \(8\%\). A training programme reduces structural unemployment by \(0.5\) percentage points and frictional unemployment by \(0.2\) percentage points of the labour force. At the same time the labour force grows by \(5\%\). What is the new unemployment rate (to two decimal places) and how many people are unemployed after the programme?

Answer Options

A. Unemployment rate ≈ 6.50 % and unemployed ≈ 0.820 million
B. Unemployment rate ≈ 7.10 % and unemployed ≈ 0.950 million
C. Unemployment rate ≈ 7.25 % and unemployed ≈ 0.915 million
Correct Answer D. Unemployment rate ≈ 6.95 % and unemployed ≈ 0.876 million
Correct Answer
D
Correct Option:
Unemployment rate ≈ 6.95 % and unemployed ≈ 0.876 million

About This Question

This is Neco Model Questions Vol1 2022 Economics Question 41. It is one of the objective questions from the 2022 Neco Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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