While it is strongly recommended, students are not required to take the equivalency exams

The equivalency exams are **administered, without exception, twice during the academic year. No alternate dates are available**. **They will be offered during Fall 2019 orientation program on August 30, 2019.**

MALD students who have a foundation in economics, statistics and/or quantitative methods, may want to try one or all of the equivalency exams in an attempt to either satisfy the quantitative reasoning breadth requirement, and/or be able to take a higher level economics course in order to satisfy the economics divisional breadth requirement. More information on the MALD and MIB breadth requirements can be found on the Fletcher Connect website.

- Please note LLM and MA students may take the equivalency exams, but passing any will neither satisfy any breadth requirement nor provide any course waiver.
- PhD students are required to pass either the B205 or B206 equivalency exam and take E213: Econometrics as part of the methodology requirements.

### Economics (E201) Equivalency Exam Information

**When is the exam offered: The E201 equivalency exam will be held during orientation on January 10th, 9:30-10:30 AM in Cabot 206**

- No calculator is allowed for the Economics (E201) Equivalency Exam.
- No notes, books, phones, or computers are allowed.

**Who should take the E201 equivalency exam:**

- It is highly recommended that all MALD and MIB students attempt the E201 equivalency exam however, it is not required. MA and LLM students are not required to take the E201 equivalency exam and it will not satisfy a breadth requirement. MIB students are encouraged to take the E201 equivalency exam to determine whether they should start their economics curriculum with E201 or the more advanced economics courses that are a part of the MIB curriculum. Please see the
**MIB degree requirements page on the Fletcher Connect website**for more information.

### About the Economics Equivalency Exam and Fulfilling the Economics (EIB) Divisional Breadth Requirement for MALD Students

Each MALD student is required to take EIB E201: Introduction to Economic Theory (offered in the fall and spring semesters), EIB E211: Microeconomics, or pass the E201 equivalency exam and then take a higher level economics course, thus fulfilling the economics divisional breadth requirement.

**If you elect to take the equivalency exam for E201: Introduction to Economic Theory and pass it, then you must take one of the higher level economics (EIB) courses listed below (note that some of the courses listed may have prerequisites as well):**

- E211: Microeconomics
- E212: Macroeconomics
- E213: Econometrics
***** - E214: International Economic Policy Analysis
- E218: Applied Micro-econometrics*
- E220: International Trade and Investment
- E221: Advanced International Trade and Investment
- E230: International Finance
- E240: Development Economics: Macroeconomic Perspectives
- E241: Development Economics: Policy Analysis
- E242: Development Economics: Micro Perspectives
- E246: Environmental Economics
- E247: Econometric Impact Evaluation for Development
- E248: Dev Econ/Micro Perspectives
- E262: The Economics of Global Health and Development

*** NOTE:** E213 and E218 may be used to satisfy either the quantitative reasoning breadth requirement and the economics divisional breadth requirement, but not both. MALD students **who do NOT PASS** the E201 equivalency exam must register to take either E201: Introduction to Economic Theory or E211: Microeconomics.

### Preparing for the E201 Equivalency Exam

- No calculator is allowed for the Economics (E201) Equivalency Exam.
- No notes, books, phones, or computers are allowed.

**Important Information from Professor Carsten Kowalczyk:**

** Q: What is the purpose of the equivalency exam?**The exam (10 multiple-choice questions) serves two purposes: It is a diagnostic tool to provide information to you about which level of economics courses you might consider entering. Also, when passed, the exam offers equivalency for E201, which is required if you offer one of the following fields of study in economics: International Trade and Commercial Policies, International Monetary Theory and Policy, or Development Economics.

A:

**Q: Who should take the equivalency exam?**

A: Anyone who plans to satisfy the economics breadth requirement by taking one of the higher-level listed economics courses that can be taken to satisfy this requirement (for MALD students).**
Q: What does the equivalency exam cover?
A: **Microeconomic and macroeconomics at a level corresponding to Alan Stockman: Introduction to Economics; Gregory Mankiw: Principles of Economics; or Fischer, Dornbusch, and Schmalensee: Economics. Questions are usually, but not necessarily, within the areas of supply and demand, consumer theory, technology, cost theory, monopoly, labor economics, national income accounting, savings and investment theory, economic growth, and fiscal and monetary policies.

### B205 Equivalency Exam Information

** When is the exam offered: Thursday**, January 10, 2019, 10:30 AM-12:30 PM: Quantitative reasoning (B205 & E210m) equivalency exams in Cabot 206

- No notes, books, phones, or computers are allowed.
- A non-scientific calculator is allowed for the B205 equivalency exam and a B205/B206 Useful Expressions Information Sheet for statistics will be given to you for reference.

**Who should take the B205 equivalency exam:**

- MALD students with a background in statistics may want to attempt the B205 equivalence exam as an option to fulfill the quantitative reasoning breadth requirement in lieu of taking one of the course options.

### About the Quantitative Reasoning B205 Equivalency Exam and Fulfilling the Quantitative Reasoning Breadth Requirement

There are two separate quantitative reasoning equivalency exams for MALD students, one exam for E210m: Quantitative Methods, and another for B205: Data Analysis and Statistical Methods.

Students who do NOT pass the equivalency exam for either E210m or B205 can satisfy the quantitative reasoning breadth requirement by taking one of the following courses listed below:

- E210m: Quantitative Methods
- E213: Econometrics*
- E218: Applied Micro-econometrics*
- B205: Data Analysis and Statistical Methods
- B206: Data Analysis and Statistical Methods for Business
- B262: Marketing Research and Analysis
- P203: Analytic Frameworks for International Public Policy Decisions

*** NOTE:** E213 and E218 may be used to satisfy either the Quantitative Reasoning Breadth Requirement and the Economics (EIB) Divisional Breadth Requirement, but not both. MALD students taking and passing one or both of the quantitative reasoning equivalency exams (E210m and/or B205) will satisfy the quantitative reasoning breadth requirement.

### Preparing for the B205 Equivalency Exam: Data Analysis and Statistical Methods

The below details outline material that will be covered on the B205 equivalency exam. The chapter numbers refer to the following text:

Text: Levine, et al, Statistics for Managers Using Microsoft Excel, 5th edition, Prentice Hall, 2008, ISBN-10: 0132252147

Basic statistics and concepts: data collection and the nature of numerical information; descriptive measures of central tendency, dispersion, and skew. Chapters 1 and 3.

The concepts and rules of probability: Chapter 4.

Discrete probability distributions: The expected value operator. Chapter 5 (section 5.1 only). The normal distribution and sampling distributions: Chapter 6 (skip sections 6.3, 6.4, 6.5, and 6.6) and chapter 7.

Statistical inference I: Confidence intervals. Chapter 8 (skip sections 8.3 and 8.5).

Statistical inference II: Hypothesis testing. Chapter 9 (skip section 9.5).

Statistical inference III: Correlation and regression Analysis. Chapters 13 and 14.

**[MIB students―please continue to next page to review important notes about equivalency exams offered outside of the orientation period for MIB core courses.**]

### E210m Equivalency Exam Information

**When is the exam offered: Thursday, January 10, 2019, 10:30 AM-12:30 PM: Quantitative reasoning (E210m & B205) equivalency exams in Cabot 206**

- No notes, books, phones, or computers are allowed.
- No calculator is allowed for the quantitative reasoning E210m equivalency exam.

**Who should take the E210 equivalency exam:**

- MALD students with the appropriate background may take the E210m equivalency exam to fulfill the quantitative reasoning breadth requirement. Please see below for more information on what is covered in the exam. MIB students are encouraged to take the exam if planning on completing the Development Economics or International Trade and Commercial Policies fields so as to gain equivalence for the E210m course.

### About the E210m Equivalency Exams and Fulfilling the Quantitative Reasoning Breadth Requirement

There are two separate quantitative reasoning equivalency exams for MALD students, one exam for E210m: Quantitative Methods, and another for B205: Data Analysis and Statistical Methods. Students who do NOT pass the equivalency exam for either E210m or B205 can satisfy the quantitative reasoning breadth requirement by taking one of the following courses listed below:

- E210m: Quantitative Methods
- E213: Econometrics*
- E218: Applied Micro-econometrics*
- B205: Data Analysis and Statistical Methods
- B206: Data Analysis and Statistical Methods for Business
- B262: Marketing Research and Analysis
- P203: Analytic Frameworks for International Public Policy Decisions

*** NOTE:** E213 and E218 may be used to satisfy either the Quantitative Reasoning Breadth Requirement and the Economics (EIB) Divisional Breadth Requirement, but not both. MALD students taking and passing one or both of the quantitative reasoning equivalency exams (E210m and/or B205) will satisfy the quantitative reasoning breadth requirement.

### Preparing for the E210m Equivalency Exam

**Exam Information from Professor Robert Nakosteen**

Topics covered in the E210m: Quantitative Methods Equivalency Exam include: logarithmic and exponential functions, differential calculus (both univariate and multivariate), finding the extreme points of functions, and constrained optimization. For more details on the material covered, consult the textbook for the Quantitative Methods module, EIB E210m, Mathematical Methods for Economics, 2nd edition, by Michael Klein (Addison Wesley, 2002), with special attention to chapters 3, 7, 8, 9, 10 and 11.

**[MIB students―please continue to next page to review important notes about equivalency exams offered outside of the orientation period for MIB core courses**.**]**

### B206 MIB Equivalency Exam Information

**When is the exam offered: October and January [exact date to be announced], for MIB students only**

- No notes, books, phones, or computers are allowed.
- A non-scientific calculator is allowed for the B206 equivalency exam and a useful expressions sheet for statistics is distributed.

**Who should take the B206 equivalency exam: **MIB Students Only

- MIB students who pass this exam are exempt from having to enroll in the course, B206: Data Analysis and Statistics for Business, but must take E213: Econometrics in its place. The exam can only be taken once. The exam must be passed or B206 course must be taken in the first year (Econometrics may be taken in any semester).

### Preparing for the B206 Equivalency Exams

The outline below details material that will be covered on the B206 equivalency exam. The chapter numbers refer to the following text:

Text: Levine*, *et al, *Statistics for Managers Using Microsoft Excel,* 8th ed, Pearson, 2017, ISBN 13: 978-0-13-417305-4; ISBN 10: 0-13-417305-8

Chapter 3: Numerical descriptive measures

Chapter 4: Basic probability

Chapter 5: Discrete probability distributions (sections 5.1 and 5.2 only)

Chapter 6: The normal distribution and other continuous distributions

Chapter 7: Sampling distributions

Chapter 8: Confidence interval estimation

Chapter 9: Fundamentals of hypothesis testing

Chapter 13: Simple linear regression

Chapter 14: Introduction to multiple regression

Also, please refer to the **B205/B206 Useful Expressions Information Sheet**.

### E217m Equivalency Exam Information

**When is the E217m equivalency exam offered: **During the fall MIB pre-session in August, prior to orientation

**Who should take the E217m equivalency exam:**

- For MIB students wishing to take these exams, they must be taken and passed in the first year of study. If they are not taken in the first year, the associated course must be taken in the first year instead.

* MIB students with advanced economics knowledge may choose to take the E217m: Managerial Economics equivalency exam. If you pass the E217m equivalency exam, you will be exempt from taking the core course, E217m: Managerial Economics (.5 credit), but you **must** take an alternate upper level economics course.

### About the E217m: Managerial Economics Equivalency Exam

E217m is a concise introduction to issues of organizational management and strategy presented from the perspective of economics. As a result, the course first briefly reviews of relevant concepts from microeconomics and then builds on this foundation to consider pricing and product design strategies, strategic interaction with both actual and potential rivals, and issues of organizational design such as performance evaluation and incentive structures. Much, but not all, of this material is covered in: Brinkley, Smith, and Zimmerman, Managerial Economics and Organizational Architecture, 5th Edition, (BSZ). New York: McGraw-Hill/Irwin (2009). Those seeking a more quantitative presentation may prefer: Besanko, Dranove, Shanley, and Schaefer, The Economics of Strategy, 4th edition.

Topics covered in the E217m equivalency exam include: scale and scope economies, profit maximization, price elasticity, price discrimination, product differentiation, game theory/Nash equilibrium, Bertrand and Cournot competition, entry deterrence, complementary relationships, decision rights, incentive compensation contracts, performance measurement, make-or-buy, networks, and standards competition.

### E212M Equivalency Exam Information

**When is the E212M equivalency exam offered: early October [exact date to be announced]**

**Who should take the E212M equivalency exam:**

- MIB students who pass this exam are exempt from taking the Macroeconomics core class, but must still take a higher level economics course at Fletcher (except E201: Introduction to Economic Theory).

### About the E212M: Macroeconomics Equivalency Exam

* Use of calculators – either hand-held or on the computer – are NOT allowed.

* If you have a laptop, please bring it to the exam; once you have completed the exam directly on your laptop, you will need to email it to the professor. If you do not have a laptop, please complete the exam using the blue books provided to you.

The information provides details on how each equivalency exam relates to the MIB core curriculum. For MIBs, each exam is unique in satisfying different requirements with different implications. Some MIBs won’t take a single exam; some will take them all. The decision depends on your own background and goals for your time at Fletcher. Please note that for all exams, if you take the exam and do not pass, this is NOT reflected on your transcript, so if you are uncertain, there is no harm in trying!

The MIB-relevant exams are as follows:

*Offered during August pre-session*

**E217m: Managerial Economics
**Passing this exam or taking this class is an MIB core requirement. We strongly encourage you to take this exam if you have had microeconomics (and still have recall of it). If you pass the exam, you do not need to take the core Managerial Econ class (nor the alternate, Microeconomics), but you would still need to take at least one module course (1.5 credits) of upper level economics.

*Offered during Orientation week*

**E201: Introduction to Economic Theory
**Passing this exam or taking this class is a pre-requisite for all upper level economics classes, but it is not an MIB core requirement. We strongly encourage all MIBs to take this exam, especially if you have had basic economics (and still have recall of it) and are considering one of the Economics fields of study.

If you are uncertain of your economics knowledge, we also suggest taking this exam to gauge your skill level. If you do not pass the exam, we recommend that you take E201 (Principles of Economics) in your first semester before moving on to the MIB core economics classes. Having a strong foundation in economics is critical to your success in classes going forward.

**E210m: Quantitative Methods
**This exam or class is most relevant to those wishing to pursue certain economics Fields of Study (Development Economics, International Trade and Commercial Policies) or advanced economics courses such as Econometrics. The exam is intended for those with a solid calculus background.

**B205: Data Analysis and Statistics **

This exam does not apply to MIBs.

*Offered during the fall semester*

**B206: Data Analysis and Statistics for Business Equivalency Exam
**early October; exact date to be announced

MIB students who pass this exam are exempt from having to enroll in the course, B206: Data Analysis and Statistics for Business, but must take E213: Econometrics in its place. The exam can only be taken once. The exam must be passed or B206 course must be taken in the first year (Econometrics may be taken in any semester).

**E212: Macroeconomics Equivalency Exam**

early October; exact date to be announced** **

MIB students who pass this exam are exempt from taking the Macroeconomics core class, but must still take a higher level economics course at Fletcher (except E201: Introduction to Economic Theory).

Please contact Agnes Hatley (Agnes.Hatley@tufts.edu) with any questions