Waec Model Questions Vol1 2024 Economics Question 50

Practice objective / multiple choice question 50 from the 2024 Waec Model Questions Vol1 Economics examination.

Waec Model Questions Vol1 2024 Economics Objective / Multiple Choice Medium Difficulty
Question 50 WAEC_MODEL_QUESTIONS_VOL1 • 2024 • ECONOMICS • objective

A country has a labour force of 10 million people. At a given time 8.5 million are employed, of which 0.5 million are under‑employed (working part‑time). Structural unemployment is estimated at 0.3 million and frictional unemployment at 0.2 million. Determine (a) the amount of cyclical unemployment (in millions) and (b) the overall unemployment rate (as a percentage).

Answer Options

Correct Answer A. Cyclical unemployment = 1.0 million; unemployment rate = 15 %
B. Cyclical unemployment = 1.2 million; unemployment rate = 16 %
C. Cyclical unemployment = 0.5 million; unemployment rate = 12.5 %
D. Cyclical unemployment = 0.8 million; unemployment rate = 14 %
Correct Answer
A
Correct Option:
Cyclical unemployment = 1.0 million; unemployment rate = 15 %

About This Question

This is Waec Model Questions Vol1 2024 Economics Question 50. It is one of the objective questions from the 2024 Waec Model Questions Vol1 Economics examination.

Difficulty level: Medium .

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