Module review for EC1101E: Introduction to Economics

Taken AY2014/2015 Semester 1


EC1101E: Introduction to Economics

This is a compulsory module for anyone interested to major in Economics, and it is best to take it in semester 1. The module is quite easy, as long as consistent effort is made to answer the tutorial questions. Those who have taken H2 Econs in JC will definitely have an advantage, though not by much as >80% of the cohort have H2 Econs. Tutorial attendance is compulsory and counts towards the final grade, so DO NOT skip any. Class participation is also counted in the final grade, so do volunteer to answer questions at least 2x during the entire semester. Lectures are 3h long, so be prepared to make sure you fully focus. Webcasts are available, meaning that you CAN skip lectures, though they may change it from year to year.

I chose to attend all lectures, simply because I doubt I would have the will to study if I stayed home. That being said, I still found it difficult to concentrate at times, since 3 hours of econs can be very draining. The lecturers were not bad, and clearly very experienced in their respective fields. The lecture series are split into Micro and Macro, with significantly more new content for Macro, so do take note and make sure you don’t burn out near the end.

There is no group project for this module, which is a godsend since not everyone is on the same page. Personally, I felt that the pace of the tutorials was too slow since the tutors had to cater to everyone, including slackers and those who did not even bother to read up on the topic. I only attended the tutorials since they are compulsory; the answers for the tutorial questions will be uploaded so do not worry if you didn’t catch everything/were zoning out.

Assessment
Tutorial (attendance + class participation): 10%
Exam type: MCQ + open-ended qns
Mid terms (only micro): 30%
Finals (micro + macro): 60%

As stated above, consistent attendance for tutorials is important, and as long as you volunteer to answer at least 2x, you will easily get your 10%. The mid terms are purely micro, and extremely easy with no challenging questions at all. Most people score very well for this, so you should try to aim for full marks/close to full marks. As long as you practice your tutorial questions and revise the lecture notes, the mid terms should be a breeze. The lecturers and tutors have kept insisting that it is very important to read the textbook, and that is true to a certain extent. If you knowledge of H2 Econs is shaky after the long break since the end of JC, it is essential that you read the textbook. I actually did not read the textbook, but I definitely will for future economics modules.

For the finals, do try to revise in advance, since the content is considerably more. Although they said that greater emphasis will be on macro, do not forget about your micro, as it may come out for the open-ended questions. The time for both the mid terms and the finals is very limited, due to the sheer volume of MCQ questions. Hence, it is important to divide your time wisely. I chose to start on the open-ended qns first, before moving on to MCQ. This ensured that I would have sufficient time to finish all the questions.

Workload
The workload for this module is VERY LIGHT. No group work, nothing. Just tutorials and lectures, the latter which u can skip. However, consistent effort is important, so just take out 2h/week to do your tutorial qns + review the lecture notes.

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Module review for EC2104: Quantitative Methods for Economic Analysis

Taken AY2014/2015 Semester 1


EC2104: Quantitative Methods for Economic Analysis

This module seeks to enable students to integrate relevant basic mathematical knowhow with economic analysis. The main objective is to develop in the students the process skills for formulating and solving economic problems mathematically. Topics include equilibrium analysis, understanding and use of matrix algebra and differential and integral calculus in formulating and solving economic problems, comparative-static analysis, and selected optimization problems in economics.

Assessment: The entire module consists of mathematics. The formulas learnt will definitely be linked to economic concepts. However, understanding of these concepts and derivation of formulas is not required for examinations. Half of the material covered in the module will be familiar, such as functions, derivation, integration and matrices. Therefore, a strong foundation in these concepts will be useful for further understanding of added theories based on these basic concepts. Generally, this module is very manageable especially with frequent practice of problem sets from the textbook or past year papers. The workload of the module itself is also relatively light. 4 hours to complete a problem set per week is a generous estimate.

Workload: 2-1-0-4-3


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Module review for EC1101E: Introduction to Economic Analysis

Taken AY2014/2015 Semester 1


EC1101E: Introduction to Economic Analysis

This course introduces students to some of the basic concepts, methods, and models in economics to equip the students to think economically. These tools will enable students to understand current economic issues and appreciate economics in their everyday lives.

Assessment: The content of this module is quite straightforward. Those who have taken Economics at the JC level will find most of the material for Microeconomics repeated in this course. However, Macroeconomics introduces a much broader range of content, including basic banking and finance concepts. Readings are not entirely necessary but highly recommended, especially for Macroeconomics as some concepts are alluded to but not entirely explained in the lecture notes. Generally, the workload estimates given are accurate except for the no. of hours of preparatory work required, which is definitely less than 4 hours.

Workload: 3-1-0-2-4

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Module review for EC1101E: Introduction to Economic Analysis

Taken AY2014/2015 Semester 1


EC1101E: Introduction to Economic Analysis

Although many other reviews speak of this module as relatively easy and similar to JC H2 Economics, I beg to differ. The content is split into 2 halves: micro and macro, with 6 lectures each. Each lecture lasts for 3 painful hours, so if you’re someone who can’t sit still, you might want to consider the webcast.

In my opinion, even though the micro content was generally identical to the JC syllabus, the approach seemed to be slightly different. While we were required to demonstrate understanding by writing long, extended essays in JC, this module sought answers based on (simple) mathematical calculations— something which I wasn’t very accustomed to and took a longer time to grasp.

The macro section consisted of mostly new material (banking system, finance), and this is where the textbook really comes in handy. You can’t expect to understand everything from the lectures alone, so the textbook (in 800 pages, no less!) is useful as it offers in-depth explanations which the lecturers tend to gloss over. I only realized this just before finals, and hugely regretted it. Try to read the textbook before lecture every week.

Assessment:
10%: tutorial attendance and participation
30%: midterms (all micro)
60%: finals (25% micro, 75% macro)

Tutorial participation here is easy to score as long as you attend them and sometimes volunteer to answer questions on the board. Some tutors (like mine) would randomly call on people to answer, so you must most definitely do your work (it doesn’t matter whether you get the answers correct or wrong).

The midterms and finals consist of MCQs and short answer questions. The main concern here is the time constraint. Don’t dwell on a single question for too long, and plan your time wisely.

Workload:
The workload for this module is light. I wouldn’t say that it’s an easy module, although you should be fine if you take the time to study and fully understand the content. However, the bell curve for this module is very steep, so you’ll have to put in a lot more effort if you’re looking to score well.
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Module review for EC2303: Foundation for Econometrics

Taken AY2014/2015 Semester 2


EC2303: Foundation for Econometrics

This is a core Economics module on statistics. It is a purely mathematics module and quite straightforward in my opinion. It covers descriptive statistics, random variables, probability distributions, sampling distributions, hypothesis testing, and linear regression. Distribution tables will be provided and only scientific calculators allowed for exams. However, for normal schoolwork, a Graphic Calculator will be useful to double check answers, especially for Binomial, Poisson and Normal Distributions. Some of the material taught in this module will have been covered in H2 Mathematics in Junior College.

The lectures for this module are really fun and I absolutely enjoyed them. Dr. Emily Beam is as cute as her name suggests. She makes the lectures really interactive and enjoyable. She is quite clear in her delivery and she is very open to questions from students. As for tutorials, I do not have much to comment, as they mainly consist of a quick overview of the week’s lecture, student presentations of answers, and tutor pointers and tips on answering the question.

Assessment:
Online quizzes: 5%
Tutorial participation: 5%
Problem set: 15%
Midterm: 30%
Final exam: 45%

There are weekly online quizzes after every lecture which altogether will comprise of 5% of your total grade. There is no competition or pressure for these quizzes as you can attempt them as many times as you want before the quiz closes, which is right before the next week’s lecture begins. Also, there is no bell curve for this, as you simply get 1 point for every quiz in which you score more than 80% correct. If you complete all the quizzes, you get the full 5% of the grade. I actually really liked this system because it gives you an incentive to revise your material every week. The quiz itself should not take more than 20 minutes as there is usually only 10 MCQ questions. It tests concepts, so if you get a wrong answer, you know you were either careless or your understanding of the concepts are not clear.

Tutorial participation is relatively simple as you just need to attend the tutorials and present your answer to a question about two times throughout the semester to get the 5%. (Note that the 2 presentations is an estimate. The number of presentations you need will ultimately depend on the competitiveness of your cohort. Although, it is really unnecessary to waste so much time and effort for 5%.)

For problem sets, same as always, discuss with your friends and aim to score full marks on the assignments. You can even ask Dr. Beam for hints. The aim is to learn, not just score, so she will be more than happy to help you.

Lastly, Midterm and Final should not be a problem as long as you know your concepts and have done consistent practice. Your greatest enemy will be carelessness, especially since you will be using your calculator and referring to distribution tables. Try to write your numbers as legibly as possible to avoid mistakes.

Workload:
2-1-0-4-3 Workload
Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week


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Module review for EC2102: Macroeconomic Analysis I

Taken AY2014/2015 Semester 2


EC2102: Macroeconomic Analysis I

This is another core Economics Module. As the module name suggests, this module is on macroeconomics. Warning: math is needed for this module. The first half of the syllabus consists of utility maximization problems (you can use lagrangian or the lecturer’s method), which is an individual’s intertemporal consumption-savings decision. For example, you have to determine how much a consumer should spend in the first time period, save for the second time period, and spend in the second time period, in a two period model. This includes interest rates on saving. A similar model also introduced in the first half of the syllabus will be the firm’s intertemporal problem. This means calculating how much the firm should spend on wages and investment in maximizing its profit in the long run (i.e. multiple time periods).

However, the second half of the syllabus has almost no math at all, consisting entirely of macroeconomic models. This is actually similar to the kind of models learnt in Junior College macroeconomics, except more complicated. Memory work is required, as all models simulate real world situations in some way, but not so in others. You will have to know all the market responses to different factors in different models (i.e. Classical or New Keynesian). The means of assessment for this half of the module is hence all essay writing and drawing of graphs.

The lectures for this module are taught by Dr. Serene Tan, whose name I must say, certainly describes her voice. I have dozed off in her lectures more than once due to her monotonous speech. However, other than this amazing sleep-inducing quality of hers, she is one of the clearest lecturers I have ever encountered. Lectures, unfortunately, are not webcast. The bright side though, is that it is possible to self-study through her lecture slides and the textbook. That being said, I still highly recommend attending lecture because the techniques you will need to answer tutorial and exam questions is taught in the way she conducts her lectures.

As for tutorials, student presentations are important, so prepare your answers well. Also, it seems most classes tend to be rather competitive, so you will definitely have to present multiple times to get ahead.

Assessment:
20%: Tutorial attendance and participation
30%: Midterm Exam
50%: Final Exam

The bell curve for this module is not as steep as EC2101 (Microeconomic Analysis I), but it is not that much better. As I mentioned previously, tutorial participation can be quite competitive. As for the Midterm and Final Exam, do note that doing well for one does not mean doing well for the other. The Midterm exam tests the first half of the syllabus, which is mostly Math, while the Final exam tests almost exclusively on the second half, which means essay writing. Therefore, to do well in this module, you will have to master both the manipulation of numbers and the ideas encoded in language. Also, you will almost certainly not have enough time to complete either paper if you write very slowly. Hence, the three skills you will need for this module is accuracy, clarity and speed.

Workload:
2-1-0-2-5 Workload
Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week


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Module review for EC2101: Microeconomic Analysis I

Taken AY2014/2015 Semester 2


EC2101: Microeconomic Analysis I

This is a core module for Economics majors. It comprises of basic principles on how to compare and maximize the utility of consumers for different types of goods (i.e. normal or inferior), minimize the cost of producers and market competition (perfect competition and monopoly). The theories themselves are quite simple, but the questions tested in tutorials, midterm and the final exam will really require a thorough understanding of them and acute critical thinking. To be honest, half the time I had no idea on even how to begin approaching the question. However, most people are in the same boat as you, so my only advice would be to work hard and consistently, and pray to the bell curve to save you. (Of course, this situation could always be due to my humbly inadequate level of intelligence, so I shall leave the conviction of judgment to your good sense.)

The lectures for this module are clear and concise, courtesy of Dr. Zhang, so no worries there. Also, as are most economics modules, the lectures are webcast. Tutorials are difficult, so make sure you revise after lecture and try to do them properly. There are usually not enough questions in all the tutorials for repeat presentations, so make your one tutorial presentation count. (Tutorial presentation refers to the presentation of your answer to a particular question to the class. This accounts for 5% of your entire grade, or half of your tutorial participation – refer to Assessment below.)

Assessment:
Homework, 15% Participation (tutorial), 10% Midterm Exam, 25% (Starts at 6:30 pm, date TBD, could be on 2 March, 3 March, or 4 March. Those with conflicting schedules will be offered a makeup midterm.) Final Exam, 50%

In my opinion, the bell curve for this module has been very steep. During the midterms, the difference between the median (i.e. 50th percentile) and 75thpercentile was a mere 3 marks. The total marks for the entire paper was 100. Thus, I cannot emphasize enough how important every aspect of the assessment is in making your grade. If possible, try to discuss homework answers with your friends to really score that 15%. Also, do your best during tutorial and make the most of the 10%. Lastly, do your absolute best for finals – then pray.

Workload:
2-1-0-4-3 Workload
Components : A-B-C-D-E
A: no. of lecture hours per week
B: no. of tutorial hours per week
C: no. of lab hours per week
D: no. of hours for projects, assignments, fieldwork etc per week
E: no. of hours for preparatory work by a student per week


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Module review for EC3303: ECONOMETRICS I

Taken AY2015/2016 Semester 1


EC3303: ECONOMETRICS I

Description:
The major topics covered in the module includes a review of probability distributions and statistical inference, rudiments of matrix algebra, classical linear regression model with two or more variables, estimation and hypothesis testing, and violation of classical assumptions and some remedial measures. It also includes a simple introduction into using Stata to run simple regression analysis.

The first half of the semester was really boring in this module because it mainly repeats material from EC2303. This is because other modules are accepted as pre-requisites to this module. Therefore, some students may not have learnt the basics that were covered in EC2303. Although I generally don’t recommend skipping lectures, I would say that the first three lectures of the module are unnecessary; unless you think you need a refresher course in EC2303 probability distributions and simple statistics. Also, there is always the wonderful option of webcasts. In general, the lectures were quite tedious because of the nature of statistics, although Prof Kelvin Seah did try to make it more interesting with his examples. However, if you are able to understand the textbook explanation, you are more or less covered for this module.

Assessment:
The tutorials are standard format of problem set presentations in class. Assignments were a little difficult, but manageable. Prof Seah requested group work for assignments, although he did not stop us from individual submissions. For the Stata part of the assignment, you will have to go the computer lab at AS7 to use the program. Alternatively, what I and my friends did was to read the assignment question beforehand, and research and write down the commands to be typed in. We ran the regression during tutorial, saved the results and brought it home to analyze. It saved us some time, but I’m not sure if it would have worked if the regression functions had been more complicated.

Moving on, midterm was ridiculously easy. There was MCQ and short problem sums with some explanations required. I think this was because we were the first batch of students taught by Prof Seah, so he decided to go easy on us. However, this led to a really steep bell curve of mean 45 and 75th percentile 47.5 out of 50. The Final was thankfully at a more challenging standard, but still manageable.

Tutorial participation: 10%
Homework: 20%
Midterm test: 30%
Final exam: 40%


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Module review for EC3332: MONEY AND BANKING I

Taken AY2015/2016 Semester 1

EC3332: MONEY AND BANKING I

Description:
In this module, students learn economic analysis of the following: (1) the structure and role of financial institutions, (2) tools and conduct of monetary policy, including monetary theory. Topics include the role of money; financial structure; management of financial institutions; financial crises; financial regulation; interest rates; the money supply process; theories of money demand; conduct of monetary policy, role of expectations in monetary policy and the role of money in different macroeconomic frameworks.
This module generally involves mostly memorization work regarding the different factors and effects of monetary policy. It is not particularly difficult, but can be a little tricky. The professor, Dr. Seet Min Kok, is an entertaining lecturer and I enjoyed learning about how financial crises came about. Webcasts are available for this module.

Assessment:
Tutorials follow the standard format of problem set presentations. However, there happened to be a surprise assignment during the second half of the semester. It was included as part of the 20% tutorial participation, and the assignment question (short-answer question, not calculation) included material not directly derived from the lecture material.

For examinations, the midterm was very manageable, but the finals were quite difficult. I did not manage to finish the whole paper in time. Since most questions were short-answer questions, my advice would be to learn and remember your material well, and write shortly and succinctly.

20% for CA in tutorial participation
30% for closed book MCQ mid-term test
50% for closed book final examination.


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Module review for EC3351: PUBLIC FINANCE

Taken AY2015/2016 Semester 1

EC3351: PUBLIC FINANCE

Description:
I took this module under Professor Chia Ngee Choon, the creator of the module. She told us that she had set up the module 15 years ago and designed the syllabus for it. Prof Chia is a really good teacher, and is quite well-known for teaching this particular module. I had students in my tutorial from Beijing University, and they had chosen to take her class based on their seniors’ recommendations. The module is therefore quite popular, and can go for a few hundred bid points. The class size is also rather small at 60 students.
The teaching of the module itself is somewhat different from other modules. Prof Chia’s style is for students to print and bring handouts, which she will then go through during lecture. Therefore, expect to be scribbling notes and drawing graphs during lecture. She will also give out readings and extra problems during lectures for students to complete on the spot. The problems are not graded, and she will walk around the LT to help students and answer any questions. She will then go through the problem with the whole class. It is therefore quite important to attend the lectures, especially because the webcast is not released until before midterm and final (to encourage students to come to lecture), and the textbook does not cover all the lecture material.

Tutorials are all taught by Prof Chia, and she generally will go around and look at students’ answers before choosing the students to present. The students she chooses often have the wrong answer or some common mistake that she will then explain to the class for everyone to learn. She is really nice, and will never press you to present if you choose not to do so. I have never felt her tutorials to be competitive, and have always enjoyed them.
In terms of the module material, we looked mainly at market failures, such as public goods and externalities, and government policies to achieve Pareto efficiency. Taxation is one main part of the syllabus. We also looked at political processes from an economic perspective.

Assessment:
The midterms and finals of this module are not easy. They are mostly application questions of the material learnt during class, and can be a little tricky. Therefore, to do well, you will have to be very sure of your concepts. The times given for the exams are also a little tight, so make sure you can draw graphs quickly and efficiently. A little trick discovered by me and my friends to draw indifference curves neatly and quickly is to bring a French ruler into the exam hall.

As for the project work, I found it to be much more taxing and difficult than the paper examinations. We had to complete a 25 page report and a presentation of a real-world issue, with possible resolutions using the concepts taught during class (e.g. tax redistribution). Analyzing real world data is highly recommended, although regression tables and graphs are a bonus and not necessary. I really recommend planning your time well to manage assignments if you aim to do well for the project, as it will definitely take up a lot of time and effort. Consultations with the prof are also helpful, although Prof Chia’s benevolent personality, may sometimes lead to confusion as to whether she really likes an idea or not. Regardless, she will warn you if she foresees major problems with your project.


Tutorial attendance/ participation: 10%
Mid-term: 20%
Project: 35% (including presentation and report)
Finals: 35%



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Module review for EC3102: MACROECONOMIC ANALYSIS II

Taken AY2015/2016 Semester 1

EC3102: MACROECONOMIC ANALYSIS II

Description:
This module was generally not difficult to study. Everything in the syllabus can be found in the textbook, and the crux of the module was mainly learning about how the Solow model is derived. The lecturer, Professor Vu Thanh Hai, may be a little difficult to understand at times, so I generally preferred studying the textbook. Another option is watching the webcasts, so you can repeat when you cannot understand his teaching. Tutorials are based on the standard format of lecture summary and presentations of problem sets.

Assessment:
The assessment for midterms and finals was generally a few MCQs, some calculations using the production function, and short-answer questions that required graphs and explanation. The professor tends to take questions that are similar to the question bank for his tutorials and papers. It might hence be a good idea to look through some of the questions and answers in the test bank of the textbook.

Tutorial Attendance: 10%
Class participation: 5%
Mid-term Exam: 25%
Final Exam: 60%

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