The demand for a resource is “derived” from the goods and services that the resource is used to produce. Give three examples
Please provide the best answer for the statement.
There is a demand for lumber because there is a demand for furniture or a demand for houses. There is a demand for wheat because there is a demand for bread and other products made with wheat (or wheat flour). There is a demand for chemical workers because there is a demand for chemicals.
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Market demand curves are obtained by
A) observing the behavior of an individual consumer in a market. B) observing the prices and quantities sold in a market over time and plotting those price-quantity combinations in a graph. C) averaging the quantities every consumer is willing to buy at each different price. D) summing the quantities every consumer is willing to buy at each different price. E) determining the price each consumer is willing to pay for the good and summing those prices across all consumers.
If a nation has no absolute advantage, then it
A) cannot gain from trade. B) still gains from trade. C) can only gain from trade if it raises its productivity levels. D) can only gain from trade if it reduces wages paid. E) can only gain from trade if it produces outside its production possibilities curve.