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JAMB Economics 2001 Question 46

Question 46

Labour Market

If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?

  1. A.0.4%
  2. B.40.0%
  3. C.10.0%
  4. D.4.0%
Show the answer and explanation

Answer: D (4.0%)

Explanation

Unemployment rate = unemployed ÷ labour force × 100 = 80,000 ÷ 2,000,000 × 100 = 4%.