Final answer:
Saudi Arabia's nominal GDP is approximately in the 500-1,000 billion US dollars range, reflecting its massive oil-based economy and efforts to diversify. The calculation of GDP involves adding export sales, government purchases, business investment, and consumption spending, and subtracting imports.
Step-by-step explanation:
The nominal GDP of Saudi Arabia is an indicator that demonstrates the size of its economy in monetary terms without adjustment for inflation. As Saudi Arabia has a massive economy primarily based on oil production and export, it's integral in considering factors like high population growth and government efforts to diversify the economy away from being solely petroleum-based. The World Trade Organization membership since 2005 and efforts to increase economic opportunities beyond oil, such as investing in infrastructure and education, are part of this diversification agenda. Considering the categories provided for nominal GDP ranges, the most recent figures suggest that Saudi Arabia's nominal GDP is within the 500-1,000 billion US dollars band. To calculate the GDP of a country in general, one would sum export sales, government purchases, business investment, and consumption spending, and subtract the value of imports.