In spite of having about 45% of the world's known oil reserves, Saudi Arabia and other Middle Eastern countries post current-account deficits, largely because:

In spite of having about 45% of the world's known oil reserves, Saudi Arabia and other Middle Eastern countries post current-account deficits, largely because:



A) of poor accounting practices.
B) of vast economic diversification.
C) they must import most of the goods and services.
D) most of the oil is exported.
E) new businesses are being developed.


Answer: C) they must import most of the goods and services.


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