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WAEC Economics 2011 Paper

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Question : 27

Total: 44

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

0.2%
20%
200%
250%

Solution:

Unemployment Rate = Number of Unemployed Persons / Labor Force.

Labour force = 2.5million

Employed = 2 million

unemployed = 2,500,000 - 2,000,000 = 500,000

$\; \frac{500,000}{2,500,000}$ = 0.2

percentage = 0.2 x 100 = 20

20%

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