Question 22 Suppose the population (age 16 and over) of Vietnam is 100 million; 5 million are unemployed, and 40 million hold jobs. The labor force participation rate in Vietnam is (1) 50 percent. (2) 90 percent. (3) 45 percent. (4) 10 percent.

To find the labor force participation rate, we first need to determine the total labor force, which includes both the employed and the unemployed. In this case, the labor force is 40 million (employed) + 5 million (unemployed) = 45 million. The labor force participation rate is then calculated as (Labor Force / Total Population) x 100. So, (45 million / 100 million) x 100 = 45%. Thus, the answer is (3) 45 percent. Understanding labor force participation is essential for grasping economic health. A higher participation rate often indicates a robust economy with more people engaged in productive activities. Additionally, Vietnam’s bustling labor market reflects a blend of traditional and modern sectors, showcasing the country’s economic evolution over the years. If you ever find yourself puzzled over such calculations, simply remember this: Always sum up employed and unemployed individuals for the labor force, and then divide by the total population. A common mistake is excluding certain groups or miscounting employed individuals, so double-check those figures to avoid confusion!