Three months to go

Neil McLean

LSE Teaching and Learning Centre

Overview

Making a plan Revising effectively Exam technique

Making a plan

Know the exam Know your strategy Plan your time

Know the exam

Quantitative exams

Format and time / mark allocationKey contentRange of questions

Format

Example – EC201 (2nd year micro-econ. course)

Section 1 – answer 8 short questions from a choice of 10

(6 marks per question – 48 total)

Section 2 – answer 3 longer questions from a choice of 6

(18 marks per question – 52 total)

(I don’t understand the maths either!)

Time / mark allocation

The exam is 180 minutes

Allowing time to read and reflect, and erring on the side of caution, you have something like 150-160 minutes of writing time and 100 marks = 1 mark every 1.5 minutes

E.g. a 2 mark sub-section of a short question should take you 3 minutes / the longer questions should take 30 minutes

Strategy

1. Read it all, choose the questions you’re going to do / plan answers for any essay-type long questions (max 20 mins)

2. Short questions – 6 points each, so 9-10 minutes each.

3. Longer questions – 18 points, so 30 mins- Start with outline if essay-type.- Treat as set of short questions if exercise-

type.

Exam technique

Make a plan with as many bullet points as the question has parts, answer each in turn as directly as possible + ‘why’

e.g.1. What is the problem of ‘moral hazard’? Illustrate your

answer using examples from BOTH the insurance market AND the labour market. (3 marks)

2. Using a model of shirking, discuss the problems caused by moral hazard in the labour market. (10 marks)

3. Is the equilibrium in the shirking model efficient? Explain. (2 marks)

4. Can the problems identified in (b) be overcome by government intervention? Explain. (3 marks)

Exam technique

What is the problem of ‘moral hazard’? Illustrate your answer using examples from BOTH the insurance market AND the labour market. (3 marks)- 1 for definition, 1 for each example – 4.5 mins.

2. Using a model of shirking, discuss the problems caused by moral hazard in the labour market. (10 marks)- 1 for def., 1 per problem / 1 per example / explanation

(15 mins)3. Is the equilibrium in the shirking model efficient?

Explain. (2 marks)- 1 for answer, 1 for why (3 mins.)

4. Can the problems identified in (b) be overcome by government intervention? Explain. (3 marks)- 1 for answer, 1 for explanation, 1 for example (5 mins)

Qualitative exams

3 hours? Essay questions – 3 or 4? Short answer questions?

Exam technique - essays

Read the question, what is the most direct answer you can think of? What answer is logical?

‘The First and Second Welfare Theorems say the same thing, that markets are efficient.’ Discuss.

Logically, the answer is ‘no’ otherwise there’d be only one!

(Remember, quotations used in examinations are often just made up by the examiner to give you a chance to demonstrate your understanding of the topic.)

Answering essay questions

Multi-part questions – follow structure and number the sections clearly

Essay format Intro – why the question is important, answer the

question, give main reasons

Definitions paragraph(s)

1 paragraph per main reason in the intro (2 - 4?)

Conclusion – so what?

Example of an introduction that directly addresses the questionIn the end, the First Welfare Theorem and the Second Welfare

Theorem say the same thing: markets are efficient.” Discuss (18 marks)

The efficiency of markets is an essential element of the two welfare theorems. The First Welfare Theorem is concerned with assessing the efficiency of market allocations. The theorem states that market allocations can, indeed, be efficient. However, the result follows only under certain strong conditions. In addition, efficiency is defined as Pareto efficiency. The Second Welfare Theorem focuses on whether a particular desirable outcome can be achieved as a (decentralised) market allocation. One of the important implications of the SWT is that the allocative and distributive role of prices can be separated - that is, the issue of market efficiency can be separated from that of distributional fairness. In other words, the SWT suggests that governments can undertake redistribution to achieve equity aims and then rely on the market to ensure that the final allocation of resources is efficient.

Assess the major problems of EU enlargement in the

21st Century into the E-C European Region Along with the Constitution debate and common foreign and security

policy, the enlargement is one of the defining issues of European integration in the new millennium. The enlargement from 15 to 25 member states is already having a profound impact on the character and the functioning of the EU. This essay will look at the major problems the accession states of Eastern/Central Europe face. 1.These challenges include economic transition and costs, subsidies and the future of the Common Agricultural Policy (CAP) and 2.border control and migration issues surrounding the Schengen agreement. 3.The essay will also consider the wider problem of decision-making within European institutions and growing disillusionment with the European project in member states that have traditionally been strongly supportive. 4.The increasing difficulty involved in decision-making (especially after the failure of the proposed Constitution) and the widening distrust in the benefits of membership as a result of enlargement may impact the ability of the organisation to deal with the problems it faces effectively.

Exam technique - paragraphing Britain’s role in negotiating the Bretton Woods system was as a

junior partner to the more powerful US. In the post-war world, the UK, as with most western European countries, quickly became reliant on US aid and security guarantees. The US emerged as the dominant creditor for the western world in general and, by 1949, the US treasury had lent the UK alone $21 billion dollars to aid the country’s reconstruction (Varley, 2001). This financial dependence provided political capital. US domestic financial institutions wanted a European market to invest in and so agitated for the promotion of liberal financial regimes across Europe. At the same time, lobby groups for the export sector became a key element in US policy towards Europe (Gibbs, 1997). Both interest groups therefore supported imposing liberal, free trade policies on European countries reliant on Marshall Plan aid. The central place for the dollar in the establishment of the gold exchange standard during the negotiations reflected US dominance and its outward looking policy. While the UK was forced to concede this fundamental principle, the negotiations did not go entirely as the US wanted.

Revision

How not to revise…

Read the text books again Spot likely questions and memorise the

answers Tidy your room and watch ‘Neighbours’ Cover a lot of the course topics Leave it till the summer term

Revision materials

Exam papers reflect the structure of the course and cover the key points.

Key revision resources are already provided Study guide (if it’s not in, it’s not in) – these are

the points the lecturer thinks are most important (got it?)

Course work (quizzes, worked examples, essay questions, questions to consider etc.) – these, too, are created by the lecturers to cover key concepts and ideas.

Recommended readings – important for filling in gaps, developing points raised in lecture.

Revision routine – quant.

Make it active – test yourself1. Review the lecture notes on the topic – make new

notes of the key info2. Do one of the quiz / past exam questions without

your notes, get used to writing out your calculations / reasoning – try to balance intuition + verbal reasoning, with algebraic and graphical representations

3. Focus on the flow of your answersassumption – key (formula etc.) –

working - answer

Revision routine – qual.

Build up a list of possible questions on your chosen topics

Make comprehensive plans to answer these questions using your materials / notes etc.

Make plans from memory (5 - 10 mins?), check against your comprehensive plans

Write an essay a day, following one of your memorised plans

Revision sessions

3 per day? – 9.30 – 12 / 1 – 3.30 / 4 – 6 Plan the flow

Review the lecture notes (30 - 60 mins.) Test yourself – past paper questions (60 - 90 mins.)

Keep it varied and train yourself to write it all out in the given time (handwriting is worth 5%)

Drink water, eat good food!

Part-time study revision

Travel time (making plans / answering short questions etc.)

Lunchtimes (comprehensive plans / longer questions) Mornings (7 – 8?) Evenings (keep it short – 1 hour? – organise the other

times you can revise) Weekends (one day only?) – as above

Support

Having a study partner is helpful

Share ideas / strategiesSwap answers / plansComplaining can be healthy!

Exam technique

It’s a game…

Don’t work the night beforeArrive early, walk a littleDress up – feel goodEat / drink wellSpare pens / watch etc.Breathe – it’s a challenge, meet it

Exam technique

In the exam hall…

Get organised (pens / clock etc.) Read the whole of the paper, plan your time + know

what’s coming / left Make all your plans (essays), think through all your

answers before you start Start with something you’re confident with Breathe – it’s a challenge, meet it

Conclusions

It’s a game, good training leads to good results

Know the game Decide on your strategy Train yourself in this strategy and in the

exam tasks Be positive in the exam hall