How should I answer 4 mark multi-choice questions?

Always start the answer by defining the keywords in the question. You can gain up to 2 marks for definitions alone.

Second, give a simple analysis of your answer. Transmission mechanisms are often a good way to do this - explain that 'a' leads to 'b' which leads to 'c'.

Third, apply your analysis by giving an example.

Fourth, you can knock-out up to 2 wrong answers by explaining why they are wrong. Make sure to include new economics though and don't just reverse the analysis you have already used!

When answering maths based multi-choice questions, define any key terms and then show the steps needed to reach the answer.