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

Assessment: WAEC SSCE - Economics - 2011 (Objective) Subject: Economics

Question 1 Report

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

Answer Details
The unemployment rate is the percentage of the labor force that is unemployed and actively seeking employment. In this case, the labor force is 2.5 million and the number of employed people is 2 million. Therefore, the number of unemployed people is 2.5 million - 2 million = 0.5 million. To calculate the unemployment rate, we divide the number of unemployed people by the labor force and multiply by 100 to express the result as a percentage. So, the unemployment rate is (0.5 million / 2.5 million) * 100 = 20%. Therefore, the correct option is: 20%.

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning