1. David Ricardo undertook a number of studies that focused on improving the 'major errors' made by Adam Smith in his proposition on the theory of value. Discuss David Ricardo proposition on the theory of value and his argument of Adam Smith. (25 marks) 2. John Law and Richard Cantillon are two economists whose lives and works are intrinsically related. Both of them made an important contribution to the economics. Describe John Law Theory of Money and Cantillon's Theory of Entrepreneurship. (25 marks) 3. Karl Marx (1818-1883) is best known not as a philosopher but also as an economist. He is one of the most influential in history due to the impact of his theory on intellectual, economic and political history. One of his most influential theories of Marx are the theory of historical materialism. Explain the contribution of his theory.