Which of the following is one way in which the economy of Singapore differs from the economy of Iran?

• A. Singapore has a highly open and trade-oriented economy, while Iran's economy is more closed and reliant on oil exports.
• B. Singapore's economy is primarily based on agriculture, whereas Iran's economy is based on manufacturing.
• C. Singapore relies heavily on oil exports, while Iran relies on financial services.
• D. Singapore has a centrally planned economy, while Iran has a free-market economy.

Answer: (A)

Verified step by step guidance

1. Step 1: Understand the key economic characteristics of Singapore and Iran. Singapore is known for its open, trade-oriented economy with a focus on services and manufacturing, while Iran's economy is more closed and heavily reliant on oil exports.
2. Step 2: Analyze the options given by comparing them to the known economic profiles of both countries. For example, check if Singapore's economy is primarily agricultural or if it relies on oil exports, and do the same for Iran.
3. Step 3: Identify the option that correctly contrasts Singapore's open, trade-driven economy with Iran's more closed, oil-dependent economy.
4. Step 4: Eliminate options that incorrectly describe the economic systems, such as Singapore being primarily agricultural or having a centrally planned economy, which are not accurate.
5. Step 5: Conclude that the correct distinction is that Singapore has a highly open and trade-oriented economy, while Iran's economy is more closed and reliant on oil exports.