ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Israel has a technologically advanced free market economy. Cut diamonds, high-technology equipment, and pharmaceuticals are among its leading exports. Its major imports include crude oil, grains, raw materials, and military equipment.

Detailed explanation-2: -The Israeli economy may thus be characterized as a “mixed” economy, in which roughly three-fifths of the product originates in the private sector, one-fifth in the public sector, and the other fifth in the Histadrut sector.

Detailed explanation-3: -Turkey consistently ranks among the world’s top ten nations for agricultural output. The service industry makes up about half of Turkey’s economy, just as it does in Israel. Saudi Arabia has an oil-based economy with strong government controls over major economic activities.

Detailed explanation-4: -The government system is a constitutional emirate; the chief of state is the emir or sheikh, and the head of government is the prime minister. Kuwait has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.