ECONOMICS
TECHNOLOGY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The technology in the oil industry is complicated
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The Saudis have found it hard to make a profit in the oil industry
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They need well-trained people to handle to technology and machinery used in oil production
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They hope to have machines take over most of the jobs now done by hand
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Detailed explanation-1: -Investing human capital in education is the most important source of promoting human development, given that education is the key to knowledge and the development of societies through real human capital development. Economic reforms in Saudi Arabia are beginning to yield positive results.
Detailed explanation-2: -While Saudi Arabia’s economic base continues to be dominated by oil, the Kingdom has taken steps to diversify the economy. Today, industrial products make up more than 90 percent of the Kingdom’s non-oil exports.
Detailed explanation-3: -Saudi Arabia’s unique role in the Arab and Islamic worlds, its holding of the world’s second largest reserves of oil, and its strategic location all play a role in the long-standing bilateral relationship between the Kingdom and the United States.
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.