exam reports homework

[sorry for not posting for so long, but now i have my laptop back and i can do some homework]

I've read and summarised economics exam reports for units 2881, 2882 and 2883 from 2006 to 2009.
Most of the errors were repeating from year to year so here is advice on how to avoid these common mistakes:

Geveral advice:

1. avoid giving too general definitions e.g. giving definition to the economic problem it is not enough to say ‘how, why and for whom’ production takes place.

2. do not be too general in approaching questions that require an exact answer

3. real world examples are always good to use where relevant

4. do not make too much analysis, when not required

5. always use economic terminology

6. do not repeat the answers from previous mark schemes and do not use pre-prepared answers - develop your own answer

7. make sure you look at the two sides of the problem where required - e.g. costs and benefits

8. make the sufficient use of the data if the question requires you to use it

9. do not answer all questions if required to answer one - and do not mention several examples if question asks you to explain one in detail.

10. last questions require more elaboration e.g. not only state the problems, but also explain why these are the problems

11. if you have drawn a diagram make sure that you refer to it

12. when explaining the diagram consider the direction of change e.g. use words 'increase' and 'decrease' not just 'change'

13. make sure your handwriting is neat - examiners often mention illegible handwriting in the reports

14. use a ruler for your diagrams - this was mentioned in reports as well.

15. bear in mind that if too many candidates are doing well in particular question, examiners are likely to be more strict in order to differentiate - so do not do the bare minimum.but at the same time do not go into details in the first questions (unless required).

16. do not confuse macro- and microeconomic analysis. try to use only microeconomic analysis for Unit 1 and macroeconomic for Unit 2.

17. do not twist the words in the question and attempt to answer a different question

18. quality not volume tends to be rewarded with a Level 4 mark.

19. but at the same time do not give short answers for the last questions and explain your answers rather than just assert points.

20. showing better understanding of the subject beyond the syllabus is often praised

21. always indicate if your answer is continued on the back page/somewhere else



More specific advice (based on the most common mistakes candidates made in 2006-2009):

1. demand can be defined as the amount of good people are able and willing to buy, not just want.

2. consumer surplus is not where 'demand exceeded supply' it is the amount that the consumers are willing to pay over the market price.

3. when asking to explain the economic problem relating it to your OWN circumstances focus on the individual, not on the events happening in the world.

4. talking about monopoly characteristics: write not only 'barriers to entry' , but 'high barriers to entry', not 'profit maximisation' but 'long run excess profits'.
for oligopoly do not use just 'small number of firms' but 'small number of large firms',

5. make clear distinction between private and social cost, sometimes it is not that simple to decide on the type of cost.

6. distinguish between information which indicated rates of change and that which represented absolute figures e.g. GDP per capita and annual percentage change in GDP

7. do not focus only on disadvantages/costs - make sure you mention benefits (as candidates often pay far too much attention to costs/disadvantages)

8. defining maximum/minimum price: do not forget to mention 'legal backing' (set by the government)
remember that maximum price set above the equlibrium and minimum price set below the equlibrium will have no effect.

9. distinguish between:

• production and productivity

• monopoly and monopolistic competition

• price and cost

• social cost and external cost

• monetary policy and fiscal policy

• rivalry and excludability

• PED and YED

• internal value of money and exchange rate

• shifts and contractions of the curves

• monetary policy and monetary policy measures (or any other police)


10. when defining the unemployment rate, unemployment rate is not the percentage of unemployed in population, but rather that of labour force

11. if a country produces more products, that doesn't necessarily mean it will export more.

12. do not confuse 'fall' with 'low', 'rise' with 'high' e.g. if inflation has risen it is not necessarily high.

13. when you are asked to give 2 examples, avoid using those which are alike in meaning

14. make sure you have all the knowledge required about aggregate supply - do not focus on aggregate demand only

15. be prepared for uncommon questions such as 'describe the relationship between real GDP and tax revenue'



P.S. Some advice given by the examiners themselves:


Some recommendations to candidates:

• Answer the actual question set, not the one you wish had been set.
• Read the questions very carefully. You may want to highlight the key words in the
question.
• Explain the points you make – do not jump stages.
• Practise applying AD/AS analysis in interpreting economic events and answers.
• In answering the last question, it is useful to analyse first and then evaluate.
• Make sure that you explain fully the evaluative points that you make.

• Stress to candidates the importance of reading questions very carefully, including
command words and answering the specific questions set.
• Urge candidates to attempt all questions.
• Prepare candidates to apply their knowledge in a variety of settings.
• Build up depth of analysis of causes, consequences and solutions to macroeconomic
problems.
• Ensure candidates are aware of the differences between fiscal, monetary and supply-side
policies.
• It is useful to encourage candidates, when answering the last question, to analyse first and
then to build on the analysis to evaluate.


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