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WAEC Economics 2011 Question 27

Question 27

Labour Market

If the labour force of a country is 2.5 million and 2 million are employed, what is the unemployment rate?

  1. A.0.2%
  2. B.20%
  3. C.200%
  4. D.250%
Show the answer and explanation

Answer: B (20%)

Explanation

Unemployed = 2.5 − 2 = 0.5 million; 0.5 ÷ 2.5 × 100 = 20%.