Common mistakes students make in the

final exam

Proble
m

Solution/suggestion

Poor time
managem
ent:
Lots of
time spent
in a
question
worth 3
points and
little time
spent on a
question
worth 10
points
Lack of
detail
when
asked to
explain or
analyse
how to go
from an
equilibrium
to another
Write
final
answer
rather
than all
steps

The exam paper gives you the allocation of marks

for each part of the exam. Allocate the available
time according to marks.
For example: you have 2 hours in an exam worth
60 points. This means you should spend on
average 2 minutes per point (i.e. 120 minutes / 60
points). Spend 6 minutes on a question worth 3
points. Spend 20 minutes on a question worth 10
points

The trick in doing well in ECON110 is about

detail: when asked to explain you are expected to
write down all steps taken by the economy to
move from one equilibrium to another, and write
up why the economy goes through these steps.

Please remember that you must avoid answers like

Y = 33. Try to show HOW you get to the result.
For example: given equilibrium condition Y = PAE,
we find that short run Ye = multiplier (exogenous
spending) = 3x11 = 33

leading to
solution,
even when
it is a
calculation
answer

Being
This is good:
really

casual
and
sloppy
in
1
answer
ing or
0
graphin
g

LRAS

C
A

SRAS0
AD1
AD0

y*

This is bad

Can you see why?

SRAS1