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QUESTION 1 By referring to the THREE (3) main traditional schools of thought, i.e. Mercantilism , Liberalism and Marxism , discuss on how the political

QUESTION 1

By referring to the THREE (3) main traditional schools of thought, i.e. Mercantilism, Liberalism and Marxism, discuss on how the political ideas shape the economic decisions in allocating the available resources and briefly explain its welfare consequences.

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