Readers Question: I just apply the theory and I am not sure whether I have to tell the truth in the economics exams ?
It is good to tell the truth, you can’t make things up. Especially when it comes to economic theory.
However, often you might get asked questions where the answer is uncertain. For example, you might get asked a question. Why has unemployment in the UK fallen in the past 10 years. You might think – I don’t know, I’ve only revised the theory of unemployment. In that case it is fine to say:
Unemployment could have fallen in the past 10 years because there has been better education and training policies in the UK. These improvement in training have helped to reduce occupational immobilities and hence structural unemployment in the UK.
In truth, it is highly debatable whether the UK has had better education and training in the past 10 years. However, the examiner will accept this as a potentially valid reason for explaining the fall in unemployment.
Some student worry they have to come up with the ‘perfect answer’. But, I always say to my students a weak argument is better than no argument. In fact, a weak argument makes it easier to evaluate.