I always preferred take homes to in class exams. They allowed me to take a few hours to think the topic through without dealing with the stress of a two hour deadline. My take home essays usually were of similar quality to my term papers whereas my in class exams were of significantly lower quality. The stress sometimes would put up a mental block in my head which limited my ability to formulate a reasoned and organized response to a question. On the other hand, I think that take home exam questions are often more difficult and are marked much more harshly than are in class exams (with good reason as people are given more time to come up with a better quality response).
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