ECON1001

UCL 2014-15

Revision Guide for the Final Exam in ECON1001 2015

(also relevant for ECON1001A, although the number of questions is different)

General Tips:

You will need to organize your revision time to ensure that

o You cover the material in all the units we have studied for the MCQ part of the
exam (we have not studied Unit 16 and you will not be examined on it).
o You do more detailed study of the units that will be tested in Part B of the
exam this year (see below).
All revision should be active you should be writing notes, drawing diagrams,
doing problems, and writing practice essay answers. Simply reading through the text
or lecture slides will not be effective. Working with a study partner is likely to be very
helpful as you test each other and puzzle through difficult concepts together. Write
summaries for each unit using the lecture slides swap these with your study partner
and improve them. The Economy textbook has both a very handy search function and
a glossary. Use them to test yourself on definitions and concepts, and to see where the
same concepts are used in different units.
A forum has been set up for any questions you might have. Please post your questions
here rather than emailing them to us. This way we can answer all your questions in
one place, and others can use these answers as a learning resource.
Use complete sentences in writing Part B answers. Do not use bullet points (unless
you are running out of time). Part B questions can require you to draw on material
from a number of units (and associated lectures and classes). Before you begin to
write, prepare a plan with some bullet points noting the relevant models and concepts.
Then re-read the question and check your plan, deleting irrelevant material before you
write your answer. If the question is structured in parts (e.g. (a), (b), etc.), clearly label
your answer in the same way. Make sure that any diagrams are large and clearly
labelled. You may use coloured pens in your diagrams. Check with your study partner
that they can easily understand your diagrams. For more advice on answering essaytype questions, see the final practical lecture of this term.

How to prepare for Part A questions:

Note that 5 questions are on Term 1s work and 15 questions are on Term 2s work.
You have plenty of example MCQs, including those in the ebook, the weekly quizzes,
the January exam, the lectures and the specimen exam. Go through these, and test
yourself in a timed fashion.
Remember that in the exam, you will be faced with new MCQs but many will be
similar to ones you have seen before. This means that you need to read very carefully
through each MCQ answer option before deciding whether it is True or False. Dont
jump to conclusions without reading carefully a question with similar terms in it to
one you have seen before may be the same or different.
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ECON1001
UCL 2014-15

How to prepare for Part B questions:

In this years ECON1001 exam, the Part B questions will draw particularly on the
material in the following units: Units 4, 8, 10, 11, 12, 17. (Note that the questions in
the specimen exam draw particularly from Units 6, 7, 8, 12, 14, 15, 17.)
In organizing your revision for Part B, you are advised to use the relevant lecture
slides and class exercises as well as the text, and to focus on
o The structure of the games (payoffs, strategies, players), their equilibria, and
the modelling of different kinds of preferences (U4).
o Supply, demand, consumer and producer surplus, and government policies,
their effects (and its determinants) on surplus and distribution (U8, U10).
o Credit markets (the two-period model of inter-temporal substitution, market
failures), household behaviour and government policy (U11, 12).
o Economic performance and policy in the Great Depression and financial crisis
(U17).
There are three types of question in Part B. Remember that you need to choose
TWO questions to answer from FOUR. For each type of question, you must refer to
economic concepts and models that you have learnt in the course.
Type 1. (see B1 and B4 on the specimen paper)
This is a model-based question. This could be a problem that requires some simple
calculations using a model to test your understanding of key concepts and how to use
them (as in B1) or a problem that requires you to set out in diagrams and words the
models appropriate to the problem (as in B4). This type of question will require both
mathematical/analytical thinking as well as the ability to explain intuitively the results
in words, and relate the model and results to real-life issues.
Type 2. (see B2 on the specimen paper)
This is a data-based question. You are provided with data (from the ebook or data
similar to charts you have seen in the ebook). You are asked to interpret the data to
answer questions about economic performance and policy, showing that you can
define and use a set of concepts and models to do this.
Type 3. (see B3 on the specimen paper)
This is a text-based question. You are provided with a text from a newspaper or article
and you are asked to apply a set of concepts (typically involving the use of a model)
to interpret the economic content of the article.

Use the specimen exam to familiarize yourself with the types of question that will be
set. But focus on the units listed above for this years exam when preparing for Part B
questions. For example, go through the charts in The Economy in the units listed and
for each, try to write out a description of what trends are shown, and what concepts
and models you would use to explain these. Practice doing calculations and drawing
exam presentation standard diagrams for the models in these units. For extra reading,
concentrate on the Read mores in these units.