Question: QUESTION TWO (25 MARKS) a) Explain why Mercantilist School promoted favorable trade and colonization as a way to increase the wealth of nation. (15 marks)

QUESTION TWO (25 MARKS) a) Explain why Mercantilist School promoted "favorable trade" and "colonization" as a way to increase the wealth of nation. (15 marks) b) Explain why Physiocratic School focus more on "agriculture' compared to 'industry" in order to increase the nation's wealth. (10 marks) QUESTION THREE (25 MARKS) a) Compare and contrast the impacts of "Corn Laws" on two different groups (landlord VS working class, merchant and industrial capitalists). (10 marks) b) Explain Malthus and Ricardo's "position" on the implementation of corn laws by referring to the "policy implication" from their theories (theory of general gluts and theory of income distribution). (15 marks)

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