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JAMB Economics 2008 Question 49

Question 49

Labour Market

If the active population is 50 million and unemployed is 5 million, what is the unemployment rate?

  1. A.10%
  2. B.45%
  3. C.55%
  4. D.90%
Show the answer and explanation

Answer: A (10%)

Explanation

Unemployment rate = unemployed ÷ active population × 100 = 5 ÷ 50 × 100 = 10%.