ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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All Saudi citizens are given an equal share of national wealth
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The Saudi government has spent very little to improve the lives of ordinary citizens
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A majority of the national wealth has been given to religious organizations in the country
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The government has paid for improvements in transportation, education, health care, and agriculture
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Detailed explanation-1: -How has the Saudi government used its nations wealth to change the country? The government has modernized roads, schools, and communication systems. How do Iran and Saudi Arabia benefit from belonging to OPEC? They benefit economically by keeping the price of oil high on the world market.
Detailed explanation-2: -Non-oil GDP growth reached 4.9% in 2021, in part due to the ever-expanding retail and e-commerce sector, as well as trade and manufacturing.
Detailed explanation-3: -Saudi Arabia earns 80% of its export income with oil and it makes up around 40% of the Saudi gross domestic product, or GDP.
Detailed explanation-4: -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.