ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Oil profits have paid for modern technology and services.
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The king has ended unemployment in Saudi Arabia.
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Money is distributed directly to all Saudi citizens.
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The king has let the citizens decide how to invest oil profits.
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Detailed explanation-1: -The industry that the government of Saudi Arabia heavily control is: The oil industry. The King of Saudi Arabia has used the profits from oil to help other areas of his kingdom because: Oil profits have paid for modern technology and services.
Detailed explanation-2: -How have the nations of the Arabian peninsula used oil profits to develop new industry? They used oil profits to build infrastructure and to bring in foreign workers to help build new industries such as banking, steel and petrochemical industries.
Detailed explanation-3: -Oil is the main pillar of Saudi Arabia’s economy and the cornerstone of its development. According to the IMF’s latest data(1), oil receipts accounted for around 85% of exports and almost 90% of fiscal revenue, while the oil sector comprises over 40% of overall GDP.
Detailed explanation-4: -After the discovery, Saudis established strong infrastructure dotted with wells, pipelines, refineries, and ports. Today, oil accounts for roughly 92% of the Saudi budget. Saudi Arabia is one of the largest producers and exporters of oil in the world.