Some Advice for Your Exams
Ask and Observe Your Instructor
The straightforward way to success in your exam is to ask your instructor for past exam papers. If they are not available, pay special attention to any information given by your instructor that is not in your textbook and ask him what mathematical requirements you must meet in your exam. Much to my surprise, an analysis of past papers revealed that many exams contained questions that were definitely not covered by the textbook that students were required to read. More importantly, many questions were much more difficult than the exercises in textbooks or were put in mathematical terms which were not used or explained in the textbook either. Sometimes students were, however, told that they were expected to attend a maths course. Anyway, if your instructor chooses to test your knowledge with the help of formulas, he will have written them on the blackboard at some time or other during your course. So pay special attention to them, too.
Some Advice for Graphs
You will often be asked to illustrate your answer with a graph. In 9 out of 10 cases, it will be the standard graph depicting the supply and demand curves. Please avoid the following mistakes:
1) Do not forget to label the axes. Y (usually price or cost) is the vertical axis; x (usually quantity demanded/supplied) is the horizontal axis.
2) Do not forget to label the curves.
3) Do not forget to label the origin as zero. If you have got no other figures on the axes, put an arrow at the end of each.
Some Advice for Multiple Choice and True/False Questions
There is a very irritating thing in questions of this sort: There is almost always a trap in them. But then, if the trap is removed, it no longer makes sense to ask these questions; they would be too easy. The trap usually consists in a near-correct statement. True/false questions tend to contain a number of technical terms, all of which do indeed pertain to a certain theory. This makes them sound familiar and therefore correct. But one of the linkages between the terms is wrong. Here is a typical example: "According to the law of diminishing returns, returns diminish as a supplier moves downwards his supply curve." This is false; upwards would be correct.
To circumvent the trap, it is helpful to write down a definition or theory before looking at the suggested answers.
Multiple choice questions tend to combine obviously wrong answers with plausible answers. Again, only a very precise definition of the term in question can help you to find the right answer. If you do not know the answer, make an intelligent guess. Improve your chances by sorting out what is patently wrong.
Multiple choice questions are often related to the behaviour of curves. Sketch the curves on scratch paper to see what happens to equilibrium when the supply curve shifts to the right or what happens to variable costs when marginal costs rise.
Some Help on This Website
There are three groups of questions on my Website:
1) Questions for Review. There are two versions: one without answers and another one including answers. These questions are relatively easy. They are intended to make sure that you are able to define and distinguish economic terms and to explain the relationships between them. Good scores in these questions are an indispensable but not sufficient prerequisite for good scores in college exams.
2) Test Questions. Again there are two versions: one with answers, and one without. These questions are more difficult and resemble college tests. Experience has shown that even students who have a solid knowledge of economic terminology attain disappointing scores in actual exams. It obviously makes a very great difference whether students are asked to define a term or whether they are offered four definitions, three of which sound familiar but are ultimately wrong.
3) Questions for Thought and Discussion. These questions relate to the Critique and the References and Further Reading sections, while the other questions relate to the Crash Course only. They are more interesting than the other questions. Whether they are relevant for your exam depends on the topics your instructor chooses for classroom discussions. In many questions you are asked to form an opinion about a particular subject. Of course, in the answers to such questions, I can do no more than write down my own opinion; there are no desirable or correct answers.
Click here to see the most frequently asked questions in college exams.
Some Advice for Reviews, Essay Questions and Papers
The order of things:
(1) Write. (2) Research. (3) Talk it over with a friend. (4) Rewrite.
If all students begin with (2), your instructor will receive identical and very boring papers. This is not good for your grades. Instructors do not test whether you know how to download Websites. They test whether you are able to produce independent thoughts. Researching sets all people on the same track, along which they then tend to continue.
Step (1) will produce many question marks. Is that true? Precise definition? Examples? Where/when for the first time? And so on. Looking for answers to specific, concrete questions makes researching much more efficient. When you think on your own about a subject, you will probably not really make serious mistakes. Rather, step (4) will be necessary because step (2) will reveal that you have ignored certain aspects of your subject which change the overall picture.
Step (3) is important because it gives you many new ideas. They will probably not come from your friend; you yourself will engender them. The creation of new thoughts by talking is a surprising, but well-known phenomenon.
By and large, your paper should be organised like papers in academic economic papers.
1) A title giving an idea about your subject matter.
2) A thesis statement. This paper is about ... Two examples: If you write a descriptive essay, the thesis statement might read: "This paper surveys and assesses part of the literature on bounded rationality. It focuses on Daniel Kahneman's recent work." The thesis statement for an analytical essay might read: "Microeconomics rests on the assumption that economic behaviour is rational. This paper argues that what economists define as rational behaviour is not rational in a very large number of situations."
3) An introduction. Perhaps a story or an example, anyway some sentences that show the relevance of your subject to a non-expert reader.
4) Several sections to introduce new facts or support your argument, each with its own heading in bold.
5) Conclusion. The shortest possible summary of what you have written.
The most important rule in writing a paper is: Do Not Plagiarise. It might lead to expulsion from your college. All borrowed ideas must be footnoted and cited. The sources of all data must be indicated.
If you need advice about grammar, punctuation, style, quoting or whatever, there is a classic: The Chicago Manual of Style. It is a bit expensive, but it is an investment for life.