FC334 Economics

Key details:

Assessment title: End of Module Exam

Module Name: Economics

Module Code: FC334

Tutor’s Name: Corina Pascal

Assessment will be set on: Week 17

Feedback opportunities: Revision & Progress Test 1 (Week 5)

                                        Revision & Progress Test 2 (Week 10)

                                        Revision & Mock Exam (Week 18 & Week 19)

Assessment is due on: Monday August 3rd 2021

Assessment weighting: 50%

Assessment Instructions

What do you need to do for this assessment?

Task:

You will receive the exam paper electronically as an assignment on the module VLE page. This exam tests the themes covered in weeks 1 – 17. The examination is a 3-hour open-book timed and invigilated exam. You will be sent a link to a Zoom call and must stay on the call for the whole exam. You must have your webcam and microphone on for the entire exam.

At the start of the exam, you will need to confirm your identity to the tutor. This should be with your student ID card or your passport. You will also have to show your workspace to the tutor. Please make sure any personal objects are removed from the area and that your phone is behind you and out of reach. You will not normally be allowed toilet breaks in this exam unless there is a medical reason. You should inform the college of this before the exam. You will be given time at the end of the exam to scan and submit your work. You should make sure you have suitable software installed on your phone or computer before the exam starts.

You will be given time at the end of the exam to scan and submit your work. You should make sure you have suitable software installed on your phone or computer before the exam starts.

Exam Instructions:

● Your examination will be done on Zoom.

● You will be taking the examination on your own laptop or desktop computer in the place you are currently residing in.

● You cannot do the examination on tablets or phones.

● Your phone should be placed behind you and turned off. 

● You must be on Zoom with your camera switched on 30 minutes before the examination starts for set-up.

● You must know your VLE login details to manually log in to the Pathways VLE.

● You must join the exam using your Kaplan ID (P number) as your Zoom name.

● You must have a photo ID to show the invigilators, e.g. passport or BRP.

● You must switch off your virtual backgrounds

● Your camera must be switched on during the whole exam, and your face and desk should be visible at all times.

● You may not smoke/vape during the examination.

● Do not talk to roommates or friends during the exam.

● Do not eat or drink, except for water.

● You are not allowed to access external websites, only the authorised materials below

● You must type the answers in your own words

Authorised materials:

In this exam, you are allowed:

 your exam paper 

 blank paper (to draw graphs, diagrams and formulae) 

 your notes

 Access to the VLE only

Guidance:

For this assessment, you should make use of the following formative activities that you have already completed. These activities have been designed to support this summative assessment:

 Weekly required tasks 1-17

 Week 18 and Week 19: Mock exam

Structure:

There are 10 questions in this paper

Part A – four multiple choice questions

Part B – two analysis and application questions each containing three sub-questions; one analysis and application question with six sub-questions

Part C – two analysis and application questions each containing two sub-questions; one analysis and application question

The exam will cover the following topics:

● Demand and Supply (with equilibrium price)

● Price Elasticity of Demand (PED)

● Production Possibility Frontier (PPF)

● Gross Domestic Product (GDP)

● Unemployment rate

● Business cycles

● Aggregate Demand and Supply (AD/AS) 

Theory and/or task resources required for the assessment:

This exam focuses on the topics covered in weeks 1-17. Make sure you revise these topics thoroughly.

Learning Outcomes Assessed:

● Define the Economic Problem and discuss issues relating to it such as resource use and scarcity. 

● Explain the theory of how the market mechanism operates to determine prices and the factors that affect it. 

● Explain how the theories of absolute and comparative advantage underpin international trade. 

● Analyse different market structures and their impact on the decisions made by individual firms and the effect on consumers. 

● Explain how exchange rates are determined and compare different types of exchange rate systems

Submission Requirements:

You must include the following statement on your submission:

I confirm that this exam is my own work.

You must submit the assessment electronically via the VLE module page. You should submit your work as a single word document file.

Label your document as follows: YOUR STUDENT NUMBER – MODULE CODE e.g. P225566-FC334

Assessments submitted after the submission deadline may incur penalties or may not be accepted.

How will this assessment be marked?

This exam will be marked using an answer key. Marks will be awarded for showing working as well as the answers to questions.

The overall mark will be a percentage (0-100%).

How will you get feedback?

A tutor will mark the assessment and provide you with written feedback through the VLE. You can use this feedback to guide your further learning on the module.