Unemployment

Question 1

Refers to individuals currently holding a job

Answer 1

Employed

Question 2

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

Answer 2

Demand Side Unemployment

Question 3

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

Answer 3

Underemployed

Question 4

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

Answer 4

Labor Force Participation Rate

Question 5

The proportion of the unemployed persons of the total labor force

Answer 5

Unemployment Rate

Question 6

All other types of unemployment not considered natural

Answer 6

Institutional Unemployment

Question 7

The unemployment is voluntary

Answer 7

Catallactic Unemployment

Question 8

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 8

Unemployed

Question 9

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

Answer 9

Working Age Population

Question 10

Driven by the need to learn new skills

Answer 10

Occupational Structural Unemployment

Question 11

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

Answer 11

Labor Force

Question 12

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

Answer 12

Supply-Side Unemployment

Question 13

A specific type of demand deficient unemployment

Answer 13

Cyclical Unemployment

Question 14

Refers to the situation in which individual are in between jobs

Answer 14

Frictional Unemployment

Question 15

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

Answer 15

Structural Unemployment

Question 16

A type of structural employment linked to mobility issues

Answer 16

Geographical

Question 17

Automation of previously manual processes

Answer 17

Technological Changes

Question 18

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

Answer 18

Classical Unemployment

Question 19

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

Answer 19

Real Wages Unemployment

Question 20

Refers to the sum of frictional and structural unemployment

Answer 20

Natural Rate of Unemployment

Question 21

All other types of unemployment not considered natural

Answer 21

Institutional Unemployment

Question 22

Concept wherein inflation and unemployment have a stable and inverse relationship

Answer 22

Phillips Curve

Question 23

A special case in which there is increasing inflation and rising unemployment is not unheard of

Answer 23

Stagflation