Once the 5 min. reading time is over, but before you’d start answering the questions, make sure you sketch a short draft of your essay answers. This should not take more than a minute per question but will help you stay focused.
If you feel stuck, then go for the question(s) that you think you can produce a good answer at part b), as it’s worth a lot more marks.
The exam is 90 min. long. Hence try to split time equally between Section A (micro) and Section B (macro). When answering a question, try to allocate at least 25 min. to part b) as that account for 50% more marks  than part a) .
What to include in your essay answers:
- Always start with defining all the economic terms in the questions.
- Explanation + diagrams: your explanation of the economic concept in question should be so clear that someone without prior economics knowledge should understand most of it. In 99% of the cases there is a relevant diagram that you can draw. If you’re not sure what diagram to show, you’d better not waste time on something that might turn out irrelevant. However, if you know how to draw a relevant diagram, make sure to do the following:
- Apply correct labelling on all curves AND the axes
- Make sure you explain what is going on in your diagram(s)
- Real-life examples: the reason why this is important is that you should be able to show that you understand why all the above mentioned economic theory is useful for us, who live in a real world (and not in simplified economic models). If you are not giving examples, (i.e. if you don’t connect the theory to real-life), then your knowledge of economic concepts is not very useful. That is why it’s essential to give real-life examples. Also, real-life examples should be real → so please avoid making up examples yourself.
- For part b) questions only: for the 15 mark questions, you should evaluate a topic in question on top of all the above. This means that you need to speak about at least one (and perhaps more) of the following:
- short-run vs. long-run
- pros and cons
- efficiency (welfare loss)
- effects on different stakeholders