Social GA 3.1

Question 1

Refers to a nation’s adult population who, legally, may be employed

Answer 1

Working Age Population

Question 2

Refers to individuals currently holding a job

Answer 2

Employed

Question 3

Refers to individuals aged 15 years old and above who are not currently working but are available for work and are presently looking for a job

Answer 3

Unemployed

Question 4

Refers to individuals who are holding a job that does not match their skills, knowledge, or qualifications

Answer 4

Underemployed

Question 5

Refers to all “economically active” individuals or those who are currently working or presently looking for work

Answer 5

Labor Force

Question 6

Is a proportion of the working age population that belongs to the labor force

Answer 6

Labor Force Participation Rate

Question 7

The proportion of the unemployed persons of the total labor force

Answer 7

Unemployment Rate

Question 8

Refers to unemployment driven by the decrease in aggregate demand for goods and services which leads to a decline in economic growth

Answer 8

Demand Side Unemployment (Demand Deficient Unemployment)

Question 9

A specific type of demand deficient unemployment. Happens when the demand for goods decreases and companies are forced to lay off workers

Answer 9

Cyclical Unemployment

Question 10

The opposite of demand deficient unemployment which is the category of unemployment largely driven by the disequilibrium in the labor market

Answer 10

Supply-Side Unemployment

Question 11

Refers to the situation in which individual are in between jobs

Answer 11

Frictional Unemployment (Search Unemployment)

Question 12

Is the type of unemployment caused by a job or skills mismatch

Answer 12

Structural Unemployment

Question 13

Driven by the need to learn new skills

Answer 13

Occupational Structural Unemployment

Question 14

A type of structural employment linked to mobility issues

Answer 14

Geographical

Question 15

Automation of previously manual processes

Answer 15

Technological Changes

Question 16

Type of unemployment that is caused by a rise in real wages

Answer 16

Classical Unemployment

Question 17

Leads to disequilibrium in which supply of labor is greater than demand

Answer 17

Real Wages Unemployment

Question 18

Refers to the sum of frictional and structural unemployment

Answer 18

Natural Rate of Unemployment

Question 19

The unemployment is voluntary

Answer 19

Catallactic Unemployment

Question 20

All other types of unemployment not considered natural

Answer 20

Institutional Unemployment

Question 21

Concept wherein inflation and unemployment have a stable and inverse relationship

Answer 21

Phillips Curve

Question 22

A special case in which there is increasing inflation and rising unemployment is not unheard of. The occurrence of such an episode casts doubt on the validity of the Phillips curve

Answer 22

Stagflation

Question 23

A special case in which there is increasing inflation and rising unemployment is not unheard of. The occurrence of such an episode casts doubt on the validity of the Phillips curve

Answer 23

Stagflation