ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Saudi Arabia is the world 3rd largest oil producer.
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Only native Saudi’s are allowed to work in the country’ oil fields.
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The country’s oil industry is based completely on capitalism.
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Most of the oil production is controlled by the government.
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Detailed explanation-1: -In the Kingdom of Saudi Arabia the government controls every aspect of oil production which makes up the majority of the country’s economy. While other businesses are owned by individuals, the biggest segment of Saudi Arabia’s economy is oil production.
Detailed explanation-2: -The banking and finance sector is overseen by several government agencies. The Ministry of Finance supervises economic policies. The Saudi Arabian Monetary Association (SAMA) manages fiscal policy, issues the country’s currency, the Saudi Riyal and oversees the nation’s commercial banks.
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: -Saudi Arabia has an oil-based economy with strong government controls over major economic activities.
Detailed explanation-5: -The government largely controls the economy. Saudi Arabia’s main export is oil. The oil industry has made the Saudi royal family quite wealthy.