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STUDY SKILLS FOR ECONOMICS 1 (1)

STUDY SKILLS FOR ECONOMICS 1 (1). SAT/MCT1 FEEDBACK AND EXAM PREPARATION. Purpose of session. Help you to Be a better learner Develop a more self-conscious approach to being a learner Take control of your assessment performance Outline Time to reflect on your approach to learning

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STUDY SKILLS FOR ECONOMICS 1 (1)

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  1. STUDY SKILLS FOR ECONOMICS 1 (1) SAT/MCT1 FEEDBACK AND EXAM PREPARATION

  2. Purpose of session • Help you to • Be a better learner • Develop a more self-conscious approach to being a learner • Take control of your assessment performance • Outline • Time to reflect on your approach to learning • SAT/MCT1 • Essay exam

  3. Preparing for assessment - general • Make use of ALL the learning resources!! • Lecturers’ overheads not a substitute for lectures! • Learn to make the best use of these resources • Taking your own lecture notes • Consolidating your learning after lectures, tutorials, visits to Mankiw’s web-site • Taking note of feedback on tutorial work and assignments (verbal and/or written)

  4. The Centre for Academic Practice • Group work • Separate session at the start of S2 • Bill Johnston from CAP • More general/individual help from CAP • Taking lecture notes • Writing essays • Preparing for exams • Sitting exams

  5. MCT/SAT 1 • Marks via Pegasus Week 10 • Scripts returned at Week 10 tutorials • May not have written feedback • Verbal feedback • Specific: your tutor • General: today’s session

  6. Exam/test regulations • For ALL assessment under exam conditions! • No paper other than that distributed by invigilators • If you want scrap paper, ask for it • But better to do all plans etc in exam book • We cannot mark anything you score out • But do not obliterate – we may use positively

  7. SAT/MCT 2 • Same format as the first • Same practice methods • Mankiw for MC • Newsletter for SAT • Does your approach to more general preparation need to evolve? • Use all resources to ‘learn as you go’ • ‘Deep’ learning

  8. The Essay Exam • Takes place in lecture hour • Answer 1 of 3 questions • 45 minutes • Suggest split into 10 minutes planning time, 30 minutes writing time, 5 minutes to review • Try to always spend time planning • Do not totally obliterate plans when score them out • Most common format for degree exams • Unlike SAT, requires well-structured answer • Introduction, part 1, part 2, conclusion

  9. ‘Can’t see the wood for the trees’ Ask yourself: • What is an examiner trying to do when setting an exam question? • What are the main concepts and ideas in this part of the course?

  10. How would I demonstrate my understanding of them? • Explain/Define them • Use them • Show how they fit together • Develop their implications

  11. Essay Exam(two part questions) ‘Explain the term market failure. Show using diagrams how taxation can be used to reduce pollution to the socially optimal level.’

  12. Good answer to first part(max mark 59%) • Define market failure as failure to achieve socially optimum output (I.e. MSCMSB) • Discuss types of market failure • Ideally show in diagram that social surplus not maximised

  13. Must answer 2nd part for more than 60% • Must use diagram • Show how pollution means social optimum not achieved • Illustrate effect of Pigovian Tax • Extra credit for discussing limitations and alternatives

  14. Example of a macroeconomics exam question Distinguish between “cyclical unemployment” and “the natural unemployment rate”. Why might the natural unemployment rate increase over time?

  15. Cue words • Distinguish between • Why • Content words • Cyclical unemployment • Natural unemployment • Rate • Relevance words • Increase over time

  16. Good answer to first part (max mark 59%) • Define the natural and cyclical rates • Natural – ‘normal’ rate around which U fluctuates • Cyclical – deviation of U from natural • May want to draw illustrative graph • What determines the natural rate? • (Why always some unemployment? Job search, min wage, unions, efficiency wage – focus 2nd part so brief) • Discuss why unemployment deviates from natural to give cyclical • E.g.s of short-term fluctuations (recession, oil price shock, slump in export demand, seasonal activities etc)

  17. Must answer 2nd part for more than 60% • Check whether a diagram is required/useful • Depends on how you want to answer 2nd part • Could give list of ways natural rate can be affected • Plus/alternatively focus on one • Thatcher – reduction power of unions – not for this question! (relevance word: “increase” • Change in minimum wage legislation

  18. Last two slides – example of a plan (may want to draft diagram(s) to check you can do) • Quantity/length not the issue – answering the question in concise and logical manner • Planning important – get into the habit now • Sample questions in second issue Econ 101 (week 10) • Good luck!!

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