Waec Model Questions Vol1 2023 Economics Question 27
Practice objective / multiple choice question 27 from the 2023 Waec Model Questions Vol1 Economics examination.
In a country the observed real GDP is ₦10.8 trillion while the estimated potential output is ₦12 trillion. The actual unemployment rate is 9 %. According to Okun's law, a 1 % increase in the unemployment rate above the natural rate reduces output by 2 % relative to potential. What is the natural rate of unemployment (in percent)?
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About This Question
This is Waec Model Questions Vol1 2023 Economics Question 27. It is one of the objective questions from the 2023 Waec Model Questions Vol1 Economics examination.
Difficulty level: Medium .
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