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Question
What is likely to be the impact of efforts towards reducing unemployment on the production potential of the economy? Explain
Solution
When an economy is producing below its potential level because of unemployment, it implies that the economy is not functioning on the PPC but below the PPC, i.e. Point P as shown in the below diagram. Given the resources and technology, along with the initiation of government schemes, the employment level will increase. Therefore, Point P will shift nearer to PPC.
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