Waec Model Questions Vol1 2020 Economics Question 10
Practice objective / multiple choice question 10 from the 2020 Waec Model Questions Vol1 Economics examination.
In year 1 the economy grew at a real GDP growth rate of 4 % and the unemployment rate fell from 10 % to 8 %. Assuming Okun's law holds (ΔU = -k·ΔY), (a) determine the Okun coefficient k from the data of year 1, (b) using this coefficient, estimate the unemployment rate in year 2 if the real GDP growth in year 2 is 2 %.
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About This Question
This is Waec Model Questions Vol1 2020 Economics Question 10. It is one of the objective questions from the 2020 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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