Tips for Taking Exams Glen Whitman The purpose of this document is to give students useful tips for

taking exams. Some tips are useful for almost any professors exams, while others are useful only for my own. Multiple Choice Questions The following tips are helpful for taking almost any multiple choice exam (not ust mine!. ". #se the process of elimination$ cross out answers you know are incorrect, then focus on the remaining answers. %. &ook for the best answer to the 'uestion, not ust any answer that seems correct. (. )ay special attention to words like not, sometimes, always, and never. *n always statement can +e refuted +y a single counterexample. (The statement ,-arginal cost is always increasing. is false if you can find a single good or service whose marginal cost of production is constant or decreasing.! * never statement can +e refuted +uy a single counterexample. (The statement ,/emand curves never slope upwards. is false if you can find a single good or service whose demand curve slopes upward.!

0. /ont waste too much time on a 'uestion youre having pro+lems with. 1. 2ts +etter to guess than not to answer the 'uestion at all. (3xception$ There are some standardi4ed tests that penali4e you for giving incorrect answers. 5or those tests, you should only guess if you can eliminate at least one incorrect answer. 6ut for most multiple choice tests, including mine, its always +etter to guess than not to answer.! 2n addition to these standard tips, heres something you should know a+out my multiple choice exams$ 2 almost always include the most common wrong answer in the choices. 3xample$ To find the profit7maximi4ing output for a firm, you need to set marginal cost (-8! e'ual to marginal revenue (-9!. 6ut many students mistakenly set -8 e'ual to the demand curve instead. So 2 will almost always include the answer that results from making that mistake. 3xample$ Students often confuse Giffen goods and inferior goods. So when one of these is the correct answer, 2 will almost always include the other as well. What does that mean: ;ou shouldnt assume your first answer is correct ust +ecause you found it among the choices.

Short Answer Questions -y exams nearly always include short7answer 'uestions. <ere are some tips on how to answer this kind of 'uestion on my exams. Note that other professors have different ideas about how short-answer questions should be answered. ". When 2 call a 'uestion ,short answer,. 2 really mean it$ the correct answer is short. -ost short answer 'uestions can +e answered in a couple of sentences. -any of them can +e answered with ust a word or phrase, a short numerical answer, or (occasionally! a simple graph. %. *n answer thats longer than necessary wont cause you to lose points, as long as everything you write is correct. 6ut if your extra statements are incorrect, 2 will deduct points. 2n addition, writing more than necessary wastes time that could +e spent on other 'uestions. So you should only write more if you think its more likely to gain you points (+ecause its correct and crucial to answering the 'uestion! than to lose you points (+ecause its incorrect!. (. There are six +asic types of short7answer 'uestion$ /efinition 'uestions. 5or these 'uestions, you simply need to define a concept. o 3xample$ ,What is a demand curve:. *nswer$ ,2t is a curve that shows the 'uantity demanded of a particular good or service at many different prices.. 3xplanation 'uestions. 5or these 'uestions, you need to explain why something is true or how something works. o 3xample$ ,Why is the demand curve downward7sloping for most goods:. *nswer$ ,6ecause as the price of a good falls, people tend to +uy more of it. When the price is lower, +uying the good involves a smaller sacrifice in terms of other goods.. 3xample 'uestions. 5or these 'uestions, you need to state one or more specific, real7world instances of some concept. o 3xample$ ,Give two examples of pairs of goods that are complements.. *nswer$ ,8ameras and camera film. )eanut +utter and elly.. 9elationship 'uestions. 5or these 'uestions, you need to state how two or more things relate to each other. *re they opposites: *re they the same thing: 2s one an example of the other: <ow do they differ: 3tc. These are usually the most difficult 'uestions. o 3xample$ ,2n a competitive market economy, what is the relationship +etween prices and scarcity:. *nswer$ ,)rices usually reflect scarcity directly. -ore scarce commodities have higher prices, while less scarce commodities have lower prices.. o 3xample$ ,What is the difference +etween demand and 'uantity demanded:. *nswer$ ,=uantity demanded is the amount of a good consumers will +uy at a specific price, whereas demand shows the 'uantities demanded for many different prices..

8alculation 'uestions. 5or these 'uestions, you need to calculate a numerical answer or answers. o 3xample$ ,2f the demand for +oxes of cereal is given +y ) > "?? @ ?."=d, and the supply is given +y ) > %? A ?."=s, what is the market e'uili+rium price and 'uantity:. *nswer$ ,=B > 0??, )B > C?.. Graphing 'uestions. 5or these 'uestions, you need to respond with a simple graph. -ake sure you clearly la+el your axes and curves. #nless the 'uestion specifically asks for an explanation, no explanation is necessaryD o 3xample$ ,/raw a diagram of a market with an effective price ceiling +elow the market price. -ark the resulting shortage..
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0. -ake sure you know what kind of 'uestion (see E( a+ove! youre answeringD -any students lose points +y giving the wrong kind of answer. 2f its a definition 'uestion, dont give an example instead. o 3xample$ ,What is meant +y economies of scale:. 6ad answer$ ,3conomies of scale is like when 5ord -otors came up with the idea of assem+ly7line production of automo+iles.. Good answer$ ,3conomies of scale is when the long7run average cost of production falls as output rises.. 2f its an example 'uestion, dont give a definition instead. o 3xample$ ,Give an example of su+stitute goods.. 6ad answer$ ,* su+stitute good is one that youll +uy more of when the price of a similar good goes up.. Good answer$ ,6utter and margarine.. 2f its an explanation 'uestion, dont give a definition or an example. o 3xample$ ,Why do economies of scale occur:. 6ad answer$ ,3conomies of scale occur when the average cost of production goes down as output goes up.. FThis is a correct description of economies of scale, +ut it doesnt say why the average cost goes down as output goes up.G *nother +ad answer$ ,3conomies of scale happens +ecause you can make more cars for cheaper +y having an assem+ly line.. FThis answer is too specific, +ecause economies of scale is a concept that applies to more
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than ust cars.G Good answer$ ,3conomies of scale usually occur +ecause firms can make use of mass production techni'ues that involve greater speciali4ation of +oth la+or and capital.. 2f its relationship 'uestion, dont ust give two definitions (unless the wording of the definitions makes the relationship o+vious!. o 3xample$ ,5or most goods, what is the relationship +etween price and 'uantity demanded:. 6ad answer$ ,)rice is the amount of money you have to pay for the good. =uantity demanded is how much you +uy.. Good answer$ ,*s the price of a good rises, 'uantity demanded tends to fall..

The point is, its not enough to say something correct. ;ou also have to say something that directly answers the 'uestion asked. 1. -ake sure you answer all parts of the 'uestion. 3xample$ 2f the 'uestion asks for a firms profit7maximi4ing 'uantity and price, and you calculate the 'uantity first, dont forget the calculate the price as well. 3xample$ 2f the 'uestion asks for two examples of price discrimination, dont put down only one (unless you ust cant think of another!.

C. Hotwithstanding anything 2ve said a+ove, its always +etter to say something than nothing. 2f its a definition 'uestion +ut all you can think of is an example, then give the example. 2f its an explanation 'uestion +ut all you can think of is the definition, then give the definition. ;ou wont get full credit, +ut you might get partial credit. Essay Questions )rofessors differ in their preferences a+out essay 'uestions, +ut most (including me! would agree on the following advice$ ". )lan your essay in advance. 8ome up with a simple outline. Think a+out whether the planned orders of your points makes sense. %. <ave multiple paragraphs, not ust one long paragraph. 3ach paragraph should cover a distinct aspect of the topic. (. <ave an introductory paragraph. This paragraph should introduce the topic, define key terms that will +e used throughout the essay, and (prefera+ly! +riefly forecast the structure of the essay. 0. #se concrete examples to support your points, if possi+le. /ont ust put all your examples in a paragraph at the end @ use your examples along the way. 1. <ave a concluding paragraph that summari4es your main points.

C. * good essay will usually include definitions, explanations, examples, and relationships. (9efer to the discussion of short7answer 'uestions, a+ove, for more a+out these categories.! I. Graphs may +e used in essay 'uestions, +ut you need to explain their meaning and significance in words. J. 2f youre short on time, 'uickly outline the points you planned to make. This will not get you full credit, +ut its +etter than nothing.