ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Israeli businesses use little oil to operate
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the economy is built around large-scale farming
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Israel has little industry due to their lack of oil
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the economy depends on technology instead of oil
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Detailed explanation-1: -Israelis have made up for their lack of natural resources because: They have developed strong technology companies in their economies. The industry that the government of Saudi Arabia heavily control is: The oil industry.
Detailed explanation-2: -The country’s major economic sectors are high-technology and industrial manufacturing. The Israeli diamond industry is one of the world’s centers for diamond cutting and polishing, amounting to 23.2% of all exports.
Detailed explanation-3: -Difference that oil has made Oil sales have created immense wealth and boosted the economy in countries such as Saudi Arabia, Iran, Iraq, and Kuwait. Millions of people in these and other parts of the Middle East have homes, jobs and education as a direct result of oil.
Detailed explanation-4: -Tax rates in Israel are among the highest in the world, with income, value-added, customs and excise, land, and luxury taxes being the main sources of revenue. The government has gradually raised the proportion of indirect taxes since the late 1950s.