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Lessons Learned from a Course-Embedded Assessment Process: Foreign Exchange Markets in Principles of Economics


  • Elizabeth Knowles
  • Glenn Knowles


This paper details a dynamic process of course-embedded assessment of student learning about foreign exchange markets. Three iterations of the assessment have occurred, and modest improvements in student outcomes are demonstrated. The process reveals the apparent difficulties that students face with using a demand and supply model to analyze changes in foreign exchange markets. In addition, faculty discussions have informed changes in both teaching and assessment techniques.

Suggested Citation

  • Elizabeth Knowles & Glenn Knowles, 2012. "Lessons Learned from a Course-Embedded Assessment Process: Foreign Exchange Markets in Principles of Economics," Journal for Economic Educators, Middle Tennessee State University, Business and Economic Research Center, vol. 12(1), pages 26-37, Fall.
  • Handle: RePEc:mts:jrnlee:v:12:y:2012:i:1:p:26-37

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    References listed on IDEAS

    1. Nixon Chan & Peter E. Kennedy, 2002. "Are Multiple-Choice Exams Easier for Economics Students? A Comparison of Multiple-Choice and “Equivalent” Constructed-Response Exam Questions," Southern Economic Journal, Southern Economic Association, vol. 68(4), pages 957-971, April.
    2. Charles L. Ballard & Marianne F. Johnson, 2004. "Basic Math Skills and Performance in an Introductory Economics Class," The Journal of Economic Education, Taylor & Francis Journals, vol. 35(1), pages 3-23, January.
    3. William B. Walstad, 2001. "Improving Assessment in University Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(3), pages 281-294, January.
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    More about this item


    assessment; foreign exchange; principle of economics;

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate


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