Starting in 2012, an Important Shift Occurred in the U

question 141

Multiple Choice

Starting in 2012, an important shift occurred in the U.S. trade in petroleum, which was

• A)a sharp decline in petroleum exports from the U.S.
• B)a significant increase in petroleum imports into the U.S.
• C)a significant decline in the petroleum imports into the U.S.
• D)a huge increase in petroleum exports from the U.S.

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Definitions:

Resource Market

A marketplace where productive resources (like labor, capital, and raw materials) are bought and sold.

Product Market

A Product Market is a marketplace where final goods or services are offered to consumers, businesses, and the public sector.

Circular Flow Model

An economic model that describes the movement of money, goods and services, and resources between producers and consumers in the economy.

Entrepreneurial Ability

The skill to innovate, introduce new products or processes, and successfully manage business ventures.