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Exam preparation ECON20039

Exam structure
The exam for this course is worth 60 marks. It is a closed book three (3) hour examination.
You can bring a dictionary - non-electronic, concise, direct translation only (dictionary must
not contain any notes or comments) and a calculator - non-programmable, no text retrieval,
silent only.

The examination is in two parts, part A (short answer questions) is worth 30 marks and part B
(2 essays) is worth 30 marks.

No formulas will be provided and diagrams will be expected to demonstrate concepts in both
the short answers and in the essays.

Part A includes six (6) short answer questions worth 30 marks (5 marks for each question x
6=30 marks). These questions are drawn from the microeconomic and macroeconomic parts
of the course (Chapters 1-18). The after-chapter study questions and working problems
provide a good guide to the types of questions you may receive. You should attempt each
question in Part A.

Part B includes the essay questions. You have to do 2 essays from a choice of 4, worth 15
marks each x 2 = 30 marks. The essay question topics are drawn mostly from the
macroeconomic section of your course (Chapters 11-18) but there will be a question from
microeconomic section of your course (Chapters 1-10). You should aim to write at least 2 - 3
pages for each of the essay topics to receive good marks.

Topics covered

To achieve the best marks you need to review all material in the course. If you only focus on
one-two topics it will not allow you to answer all questions. Start your revision now review
definitions, diagrams, summary of each chapter. Some students might find it helpful to
prepare the summary of each topic themselves. Make sure you include all formulas and
definitions. Practice drawing diagrams and explain them in your summary.

The exam will include material from the following (very broad) topics (refer to Chapters 1-
18 for more details):

Production possibilities frontiers and opportunity cost


Market demand and supply
Elasticity of demand and supply
Production costs
Market structures
Policy issues (housing affordability and climate change)
GDP and national accounting
Business cycles and economic growth
Inflation and unemployment
Aggregate demand and aggregate supply analysis
Monetary and financial systems
Monetary and fiscal policies
International trade and finance
Exam preparation ECON20039

Word expectations

Where applicable short answers in Part A should follow the Definitions, Assumptions,
Diagrams, Analysis (DADA) principle to fully explain the question. Quality answers would
require approximately half a page plus relevant diagram. Some questions require calculations
make sure you provide the formula you use.

Part B requires a quality answer (covering main points) of approximately 2-3 pages for each
essay topic (or more if your handwriting is very large). Follow the DADA principle in
answering questions.

How to achieve better results


First, make sure you know the material covered in the course well. Revision and summary of
each chapter will assist you in preparation for the exam.
Second, choose the strategy you will follow during the exam. During the perusal time some
students prefer to read the essay questions first, then chose those questions they would like to
answer and jot down the main points of essay questions while answering part A. Other
students prefer to start with part A before they start thinking about essay questions. Choose
the strategy that works the best for you.
Third, read all questions carefully before you attempt them. Answer using economic theory,
use definitions, correct diagrams, fully explain your diagrams, attempt to answer all sections
of questions in part A. If you are struggling to answer any specific question in part A, try not
to spend too much time on it. Move on to the next question, and return to this question if you
finish the exam early. If you finish exam earlier, review your answers to make sure you
included all relevant points.

Good luck with the exam!

Course coordinator

Dr. Williams