Answer and explain the following:

1. Discuss David Hume's ideas on money and trade.

2. Explain why Hume's ideas on trade as well as on the price- specie flow mechanism were arguments against mercantilist policy.

3. Discuss Adam Smith's unpublished work, "Theory on Moral Sentiments", which laid the basis for his notion on "self-interest "much of which his analysis relied upon.

4. Analyze the major ideas of Adam Smith on division of labor, natural price vs. market price, laissez faire, free trade, the "invisible hand", and the self - adjusting mechanism of the market.

5. State the law of absolute advantage.

6. Elaborate on Smith's doctrine of absolute advantage in trade.

7 Explain the main ideas of Adam Smith

A. Division of Labor

B.Laissez-faire (this term was not really used by Adam Smith)

C.Invisible Hand

D. Labor Theory of Value

E.Value-in-use, Value-in- exchange

F. Income Distribution

G. Capital Accumulation

H. Economic Policy

I. Trade based on absolute advantage

reference link:

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You can also read other reading materials for reference but I prefer this reading material.