Is it required to explicitly define the terms in essay question answers to get full points? When should we, or shouldn’t we define?

If they ask for a definition, give them a definition.

If they don’t, don’t.

Thanks!

My pleasure.

What about labeling every number in an equation when asked to show work?

Waste of time.

If you want to write the formula, go ahead, and use the same variables that they use in the curriculum.

So “(8 + 2)/(1-.25) = 13.33%” would be an example of all we need to write (assuming that answers the question of course, say in this example converting an 8% real after tax return to pretax nominal assuming a 25% tax rate and a 2% inflation)

would we still get partial credit in this example if say the appropriate inflation rate for this question was actually 3% but everything else was done correctly?

I believe that you’d get partial credit in that instance.