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Degree: Economics (Bachelors) - Warwick University
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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.see more
Data response questions are either 4,6,8,10 or 14 marks.
The marks awarded for each type of question are:
4 marks: K=2 Ap=2
6 marks: K=4 Ap=2
8 marks: K=2 Ap=2 An/diagram=4
10 marks: K=2 Ap=2 An/diagram=2 E=4
14 marks: K=4 Ap=2 An/diagram=2 E=6
where K=knowledge marks, Ap=application marks, An=analysis marks, E=evaluation marks
Knowledge marks are given for definitions, or an identification of an economics theory. For example, a mark would be given for stating that a supply side policy to achieve economic growth is increased government spending on education and training.
Application marks are given for referring back to the data. For example, by using a quote, referring to a graph or giving an example used in the text.
Analysis marks are for explaining economic theory. This could involve transmission mechanisms, calculations or diagrams. Any analysis must always be linked back to the question. For example, analysis marks would be given for the following explanation. By increasing the level of education, human capital would increase as workers become more skilled and productive. This would lead to a positive, rightward shift in aggregate supply, resulting in a higher level of equilibrium output.
Evaluation marks are given for assessing your analysis. This could involve explaining differences in the short or long run, evaluating the magnitude of the effect, looking at potential differences given the elasticity of demand or supply, or assessing the pros and cons of a policy. Continuing the example above, an evaluation might be: Increases in government spending on education would have a considerable time lag. For instance, greater university funding would take time to affect productivity levels, as a degree programme would take at least 3 years to complete.see more