1) "The wealth of a nation is measured by the amount of gold and silver that nations possessed"

Explain whether you agree or not with the statement above and justify your answer by referring to the evolution of ideas from relevant school of thought.(8 marks)

2) Thomas Robert Malthus is an important figure in classical economic thought, but his ideas were rather controversial. Elaborate the historical setting that had influenced his ideas and analyse at least one of his controversial theory. (12 marks)