Which of the following is a microeconomic effect of Environmental Conservation A
Practice Questions
Q1
Which of the following is a microeconomic effect of Environmental Conservation Acts?
Increased consumer prices
Higher unemployment rates
Improved resource allocation
Decreased competition
Questions & Step-by-Step Solutions
Which of the following is a microeconomic effect of Environmental Conservation Acts?
Step 1: Understand what Environmental Conservation Acts are. They are laws designed to protect the environment and promote sustainable use of natural resources.
Step 2: Recognize that these acts can influence how resources are used in the economy.
Step 3: Identify that improved resource allocation means using resources in a way that maximizes their value and minimizes waste.
Step 4: Realize that when resources are used efficiently, it can lead to better economic outcomes for businesses and society.
Step 5: Conclude that one microeconomic effect of these acts is the promotion of efficient use of natural resources, leading to improved resource allocation.
