ECONOMICS
HUMAN CAPITAL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Saudi Arabia invested in the human capital of its population, which will likely lead to a decrease in GDP.
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Saudi Arabia invested in the human capital of its population, which will likely lead to an increase in GDP.
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Saudi Arabia made capital investments in its domestic industries, which will likely lead to an increase in GDP.
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Saudi Arabia made capital investments in its domestic industries, which will likely lead to a decrease in GDP.
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Detailed explanation-1: -Saudi Arabia’s free market economy has undergone remarkable changes in a relatively short period of time. It has evolved from a basic agricultural society into a regional and global economic power with a modern infrastructure.
Detailed explanation-2: -Saudi Arabia has an oil-based economy with strong government controls over major economic activities. Even though Saudi Arabia is considered to have a mixed economy, the Saudi king and his advisors still make quite a lot of the country’s economic decisions, especially those related to oil.
Detailed explanation-3: -In a command economy, the govenment controls every aspect of the nation’s economy. Decisions about what will be produced, who will produce it, and how it will be produced are all made by the government. There are very few command economies still in existence today, though Saudi Arabia is one.
Detailed explanation-4: -Saudi Arabia’s economic freedom score is 58.3, making its economy the 98th freest in the 2023 Index. Its score is 2.8 points higher than last year. Saudi Arabia is ranked 8th out of 14 countries in the Middle East/North Africa region, and its overall score remains above the regional average.