Suppose the population (age 16 and over) of Vietnam is 100 million; 500,000 are unemployed, and 4 million hold jobs. The labor force participation rate in Vietnam is

Question

Quizplus · Accepted Answer

The labor force participation rate is calculated by dividing the labor force (employed + unemployed) by the total population (age 16 and over) and then multiplying by 100. Here, the labor force is 4.5 million (4 million employed + 500,000 unemployed), and the population is 100 million. So, (4.5 million / 100 million) * 100 = 4.5%, which is not an option. However, if we assume a typo and the labor force is 45 million, then (45 million / 100 million) * 100 = 45%.

Suppose the Population (Age 16 and Over) of Vietnam Is