Tackling Multiple Choice Questions
The mnemonic I use is:
I have been asked to share some of my tips for writing data response economic questions. I hope this helps! 🙂
1) Know how many mark question they are e.g. I know in my Jan exam for the Data response there are 4 question and the marks they hold (4, 12, 8 and 16 marks)
Below is a macroeconomic 30 mark essay I did (without time constraints) and received full marks.
Please understand this is my work and I would appreciate that you do not exploit it by claiming it is your work.
My experience with 30 mark questions
This is a advice sheet for writing essays which was given to me. Please keep in mind this is not my content.
UNIT 2 EXAM TECHNIQUE
- Define any key terms/policy/policies
- AS/AD Diagram + explanation
- Further analysis could include:
- Explanation of how policy/polices work to achieve their aim (answer the question set).
- Explain the effect on the government’s macroeconomic objectives
- Discuss any multiplier effects – you should illustrate this on a diagram
- Discuss any long-term supply-side effects – again, you could draw a diagram to illustrate
- Discuss any current affairs knowledge you may have to back up your point
- Time lags – i.e. impact of policy/scenario may take time to feed through into the wider economy
- How the policy is funded – any opportunity costs involved
- Short-term versus long-term effects
- Comparison with other economic policies
- Any negative effects of the policy (economic or social) & impacts on other markets
- Is there an impact on inequality? – i.e. who is made better off/worse off?
- Impact of the policy depends on the elasticity of the AS curve and the initial and new equilibrium point
- Depends on ceteris paribus – all other things being equal in the economy – e.g. a major recession in the USA will affect the UK and the impact of the policy under discussion
- Full impact depends on the size of the multiplier
- Conflicts between macroeconomic objectives