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Economics Chart Quiz 2
10th April 2012
Here is chart 2 in our occasional chart quiz series. This data is for an industry in the news in the UK that suffered a steep downturn during the recession but now seems to be battling back strongly with a high percentage of output destined for overseas export markets. Which product is being shown in this data chart? The answer to the first quiz can be found below.
Answer to the previous question
Chart Quiz 1
The answer is consumption of cement in Spain - the collapse in consumption is a reflection of the depression in the Spanish construction / building industry. Cement is a good example of a product that has a derived demand. When output is falling, building firms need to purchase less cement!
Geoff Riley
Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.