Methods of production in economics are broadly classified as direct and indirect. Direct production involves producing goods for immediate consumption, while indirect production involves produci

here are the solutions to the questions: 16) Methods of production in economics are broadly classified as direct and indirect. Direct production involves producing goods for immediate consumption, while indirect production involves producing capital goods that are then used to produce other goods. A) direct and indirect 17) The size of the population which is less than optimum is known as an underpopulation. This means the population is too small to fully utilize the available resources and technology to achieve the highest per capita output. C) under 18) One of the limitations of division of labour is that it can lead to the nature of the job of product becoming monotonous and repetitive for workers, potentially reducing job satisfaction and flexibility. D) the nature of the job of product 19) The quantity theory of money, which states that the general price level of goods and services is directly proportional to the amount of money in circulation, was famously propounded by Irving Fisher. C) Irving Fisher 20) The exchange of goods and services within a country is referred to as internal trade. This contrasts with international trade, which occurs between countries. C) Internal 21) Step 1: Identify the total working population and the number of employed people. Working population = 450,000 Employed people = 250,000 Step 2: Calculate the number of unemployed people. Unemployed = Working population - Employed people Unemployed = 450,000 - 250,000 = 200,000 Step 3: Calculate the unemployment rate using the formula: Unemployment Rate = (UnemployedWorking population) × 100\% Unemployment Rate = ((200,000)/(450,000)) × 100\% Unemployment Rate = ((20)/(45)) × 100\% = ((4)/(9)) × 100\% ≈ 0.4444 × 100\% ≈ 44.44\% B) 44.44% 22) All the listed options (hoarding of goods, numerous middlemen, inadequate credit facilities) are challenges encountered in the distribution of commodities in West Africa. Favourable government policies would be an advantage, not a challenge. C) favourable government policies 23) The extraction of mineral resources from the soil is carried out by the mining industry. This is a primary industry activity. D) mining 24) In the chain of distribution, wholesaler and retailer constitute the middlemen. The wholesaler buys from the producer and sells to the retailer, who then sells to the consumer. D) wholesaler and retailer 25) The stage of production that involves the extraction and processing of raw materials for onward transformation is called primary production. This includes activities like farming, fishing, mining, and forestry. C) primary 26) The system of agriculture associated with the use of crude implements is referred to as peasant farming. This typically involves small-scale farming with traditional methods and tools. B) peasant 27) An economic boom signifies a period of rapid economic growth and prosperity, which would generally be favorable for agriculture, not a reason for low agricultural productivity. Pest infestation, unfavorable weather, and high cost of farm implements are all reasons for low productivity. C) Economic boom 28) Nigeria became a member of the Organization of Petroleum Exporting Countries (OPEC) in the year 1971. C) 1971 29) The positive contribution of petroleum to the Nigerian economy is that it contributes to growth in national income through export earnings, government revenue, and job creation. The other options describe negative impacts. D) contributes to growth in national income 30) Economics is regarded as a social science because it studies human behavior in the context of scarcity and choice, using scientific methods to analyze economic phenomena. A) social science What's next?